Behind the Money Elon Musk and the end of a telecom tycoon’s dream
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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.