EchoStar is a U.S. holding company operating three businesses: pay-TV, prepaid wireless, and satellite broadband and services. In pay-TV, EchoStar offers satellite TV under the DISH TV brand and streaming TV under Sling TV, serving approximately 5.0M and 2.0M subscribers respectively. Boost Mobile, its prepaid wireless brand targeting value-oriented consumers, serves approximately 7.5M subscribers. Hughes, its satellite and broadband unit, provides consumer satellite broadband under the HughesNet brand (~739K subscribers) and managed network, in-flight connectivity, and satellite ground systems services to enterprise and government customers globally. All three businesses are subscription-based, with revenue driven by subscriber count and average revenue per user. EchoStar is in the middle of a significant strategic pivot: it agreed to sell the bulk of its wireless spectrum licenses to AT&T and SpaceX in deals valued at approximately $22.7B and ~$20B respectively, triggered by FCC pressure over spectrum underutilization. Following the sales, EchoStar's Boost Mobile will operate as a "Hybrid MNO," controlling network software and billing while leasing AT&T's radio infrastructure. After repaying secured and intercompany debt, EchoStar expects to retain substantial cash proceeds plus up to ~$11B in SpaceX equity. Management intends to redeploy this capital through a new vehicle called EchoStar Capital, targeting investments in satellite, aerospace, defense, and enterprise connectivity.