Behind the Money Elon Musk and the end of a telecom tycoon’s dream
Oct 8, 2025
Sujeet Indap, Wall Street editor at the Financial Times, shares insights on Charlie Ergen's tumultuous journey with EchoStar. The discussion dives into Ergen's ambitious plan to create a national mobile network, which ultimately fell apart after massive investments and shifting industry dynamics. Notably, how SpaceX's Starlink and deals with AT&T turned the tide for Ergen's struggling company. The conversation also touches on Ergen's strategic negotiations, his meeting with Trump, and the bittersweet outcome of his telecom dreams.
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From One Satellite To A Media Giant
- Charlie Ergen started EchoStar and built Dish Network by betting on satellite TV in the early 1980s.
- He turned a single satellite into a mass-market pay-TV alternative and became a billionaire through tough negotiations.
Spectrum Is The Core Asset For Mobile Networks
- Wireless spectrum is finite property sold or leased by the government to companies to build mobile networks.
- Owning spectrum gives exclusive rights to transmit mobile signals and is essential to creating a national network.
Big Spectrum, Few Customers
- Ergen spent tens of billions acquiring spectrum but struggled to convert that into a large customer base.
- He had much spectrum yet only a few million subscribers compared with incumbents' hundreds of millions.