EchoStar Takes $16.5 Billion Charge, Sells More Spectrum to SpaceX for $2.6 Billion

EchoStar Corp. reported a $16.5 billion impairment charge and agreed to sell more spectrum licenses to SpaceX for $2.6 billion. The deal adds to a September agreement to sell SpaceX about $17 billion in wireless spectrum. EchoStar's chairman, Charlie Ergen, will step in as CEO, while current CEO Hamid Akhavan will head up a new investment unit. The spectrum portion was "somewhat orphan," but in SpaceX's hands, it gives them flexibility. The deal gives SpaceX an expanded toehold in the mobile-phone industry.