EchoStar Takes $16.5 Billion Charge, Sells More Spectrum (2)

EchoStar Corp. reported a $16.5 billion impairment charge and agreed to sell more spectrum licenses to Elon Musk’s SpaceX for $2.6 billion as it works to unwind parts of its 5G wireless network.

The deal adds to a September agreement that the satellite TV and wireless company inked to sell SpaceX about $17 billion in wireless spectrum. Between that sale and another to AT&T Inc. for $23 billion, which EchoStar brokered under pressure from federal regulators, the company has been forced to give up on becoming a fourth major US wireless carrier as originally envisioned.

As a ...