New York, Jan 15, 2026, 12:45 EST — Regular session
- EchoStar shares fall 2.9% in midday trade, after a sharp intraday swing
- Crown Castle says it terminated a Dish Wireless agreement and will pursue more than $3.5 billion in payments
- Traders track FCC deadlines tied to SpaceX’s satellite-to-phone plans using EchoStar spectrum
EchoStar Corp shares (SATS.O) fell 2.9% to $127.24 in midday trade on Thursday, after swinging between $126.82 and $133.98. Crown Castle has terminated its agreement with EchoStar’s Dish Wireless unit and is seeking more than $3.5 billion in remaining payments, Light Reading reported. New Street Research analyst David Barden said “nothing is really changing other than, perhaps, the legal maneuvering and leverage.” 1
The dispute lands as EchoStar tries to reshape its wireless plans after striking multibillion-dollar spectrum deals and taking a large impairment charge tied to decommissioning parts of its 5G network. In November, EchoStar said it would sell additional spectrum to SpaceX for about $2.6 billion in SpaceX stock, alongside earlier agreements to sell spectrum to AT&T and SpaceX. 2
Crown Castle said Dish had contracted for space on 20,000 towers but then defaulted on payments, and Crown Castle is the second big U.S. tower operator after American Tower to sue Dish Wireless over the contracts, Fierce Network reported. Dish has argued FCC pressure amounted to a “force majeure” event — contract language meant to cover extraordinary disruptions — while tower firms have called the spectrum sales voluntary. Recon Analytics analyst Daryl Schoolar said, “I’d be surprised if they make that a condition of the sale.” 3
Regulators are also processing a related SpaceX filing for “supplemental coverage from space,” a satellite-to-phone service that could let standard handsets connect outside normal tower coverage using spectrum SpaceX plans to obtain from EchoStar. Responses to comments are due Jan. 15 and replies are due Jan. 22, the FCC said in a December public notice.
EchoStar’s broader SpaceX transaction was framed as a direct-to-cell and satellite connectivity play, with SpaceX buying EchoStar spectrum in a deal valued at about $17 billion, Reuters reported in September. EchoStar said at the time the agreement included cash, SpaceX stock and debt assumptions. 4
The FCC review has drawn outside pressure. Two Republican lawmakers urged the FCC and the Justice Department in December to scrutinize EchoStar’s more than $40 billion in spectrum sales to AT&T and SpaceX, Reuters reported. 5
But the downside case for EchoStar is straightforward: if courts reject Dish Wireless’s contract defenses, tower and vendor claims could translate into large cash obligations and tighter operating flexibility just as the company tries to pivot away from its own network build. Any added conditions or delays in federal approvals would also stretch the timeline for cash and equity proceeds investors have been counting on.
For now, traders are watching the FCC paper trail and any hint of settlement talks in the tower disputes. The next hard date on the calendar is Jan. 22, when replies are due in the FCC pleading cycle tied to SpaceX’s satellite-to-phone application.
