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Billionaire Charles Ergen, who co-founded Dish, owns more than half of its outstanding shares and owns nearly 60% of EchoStar, according to regulatory filings.
Shares of Dish were down 3%, while those of EchoStar slipped 1.2% in premarket trading.
Under terms of the deal, EchoStar stockholders will receive 2.85 shares of Dish Network Class A common stock.
Dish has focused on expanding its cellular wireless offerings, though it faces tough competition from larger carriers.
