EchoStar stock skyrockets 75% on AT&T deal to buy wireless spectrum for $23 billion

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EchoStar

stock roared more than 75% higher on Tuesday after AT&T

said it agreed to purchase certain wireless spectrum licenses from the telecom company for about $23 billion in an all-cash deal.

The sale will add about 50 megahertz of mid-band and low-band spectrum to AT&T’s network, with the licenses covering more than 400 markets across the U.S., AT&T said. The deal is expected to close in mid-2026, pending regulatory approval.