{"slug":"echostar","name":"에코스타","name_en":"EchoStar Corporation","ticker":"ECHO","updated_at":"2026-09-24T04:08:53.992418+00:00","canonical":"https://valuechain.wiki/echostar","citable":"밸류체인 그래프 기준 에코스타의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 2·투자 2)이고, 사슬을 2차까지 넓히면 23곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, EchoStar Corporation is directly linked to 3 companies (2 supply, 2 revenue, 2 investment relationships) and reaches 23 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).","kicker":"위성·무선 연결 사업자","kicker_en":"Satellite and wireless connectivity provider","lead":"에코스타는 DISH TV와 Sling TV의 유료방송, Boost Mobile의 무선통신, Hughes의 위성 광대역과 장비에서 매출을 올린다. 무선 가입자 서비스에는 AT&T와 T-모바일의 망을 사용하며, 2025년에는 AT&T와 스페이스X에 대규모 주파수 자산을 매각하기로 했다.","lead_en":"EchoStar earns revenue from DISH TV and Sling TV pay television, Boost Mobile wireless service, and Hughes satellite broadband and equipment. It relies on AT&T and T-Mobile networks to serve wireless subscribers and agreed in 2025 to sell major spectrum assets to AT&T and SpaceX.","categories":[{"key":"satellite-connectivity","ko":"위성통신","en":"Satellite Connectivity","theme":"space","theme_ko":"우주 인프라","theme_en":"Space Infrastructure","theme_kind":"chain","primary":true},{"key":"connectivity-operators","ko":"연결망 운영","en":"Connectivity Operators","theme":"communications-media","theme_ko":"통신·미디어","theme_en":"Communications & Media","theme_kind":"sector","primary":false}],"segments":{"parts":[{"name":"유료방송","note":"DISH TV와 Sling TV 서비스"},{"name":"무선통신","note":"Boost Mobile과 Gen Mobile 서비스"},{"name":"광대역·위성 서비스","note":"Hughes 위성 광대역, 네트워크 장비와 정부·기업 솔루션"},{"name":"기타","note":"사용하지 않는 기존 5G 네트워크와 구축 관련 사업"}],"total":"FY2025 총매출 15,004,989,000달러","track":"C"},"segments_en":{"parts":[{"name":"Pay-TV"},{"name":"Wireless"},{"name":"Broadband and Satellite Services"},{"name":"Other"}],"total":"FY2025 total revenue of USD 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After +374.7% in 2025, it corrected -17.4% in 2026. The demand side (avg +3.9%) is well ahead of the stock (-17.4%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is AT&T Inc. (+7.1%) and the furthest behind is T-Mobile US, Inc. (-9.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It relies on AT&T and T-Mobile networks to serve wireless subscribers and agreed in 2025 to sell major spectrum assets to AT&T and SpaceX.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"AT&T","counterparty_slug":"at-t","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-07-28","basis":"에코스타의 600MHz 및 3.45GHz 주파수 라이선스 인수가격","value":23000000000,"period":"acquisition_completed_2026-07-28","basis_en":"Purchase price for EchoStar's 600 MHz and 3.45 GHz spectrum licenses","qualifier":"approximately"},"note":"에코스타는 미국 전역의 600MHz 저대역과 3.45GHz 중대역 주파수 약 50MHz를 약 230억 달러에 AT&T에 매각했으며, 거래는 2026년 7월 28일 종결됐다.","note_en":"EchoStar sold approximately 50 MHz of nationwide low-band 600 MHz and mid-band 3.45 GHz spectrum to AT&T for about $23 billion in a transaction that closed on July 28, 2026.","sources":[{"stance":"confirms","publisher":"AT&T 뉴스룸","publisher_en":"AT&T Newsroom","kind":"news","lang":"en","published_at":"2026-07-28","url":"https://about.att.com/story/2026/echostar-spectrum.html","title":"AT&T, EchoStar 주파수 라이선스 인수 종결","title_en":"AT&T Closes Acquisition of Spectrum Licenses from EchoStar","excerpt":"AT&T는 에코스타 주파수 라이선스 인수를 약 230억 달러에 종결했다.","excerpt_en":"has closed its previously announced transaction to acquire certain wireless spectrum licenses from EchoStar"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/t-20251231.htm","title":"AT&T INC. 10-K (2026-02-09)","title_en":"AT&T INC. 10-K (2026-02-09)","excerpt":"AT&T는 에코스타의 600MHz 및 3.45GHz 주파수 라이선스를 약 230억 달러에 매입하기로 했다고 공시했다.","excerpt_en":"we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar for approximately $23,000"},{"stance":"confirms","publisher":"하나증권","publisher_en":"Hana Securities","kind":"research","lang":"ko","published_at":"2025-09-09","url":"https://www.hanaw.com/main/research/research/download.cmd?attachFileSeq=1&bbsCd=2224&bbsId=&bbsSeq=1284153&dbType=","title":"AT&T (T US): 주주환원 잠재력 감안시 주가 더 오른다","title_en":"AT&T (T US): More Upside Considering Shareholder Return Potential","excerpt":"AT&T는 EchoStar가 보유 중인 주파수 50MHz를 230억 달러에 인수한다.","excerpt_en":"AT&T is acquiring 50 MHz of spectrum held by EchoStar for $23 billion."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-26","url":"https://www.sec.gov/Archives/edgar/data/732717/000119312525188074/d13570d8k.htm","title":"AT&T Inc. 2025년 8월 26일 Form 8-K","title_en":"AT&T Inc. Current Report on Form 8-K dated August 26, 2025","excerpt":"AT&T는 약 230억 달러의 현금 대가로 에코스타 주파수 라이선스를 취득하는 계약을 공시했다.","excerpt_en":"the Buyer will acquire licenses in the 600 MHz band and in the 3.45 GHz band"}]},{"direction":"revenue","counterparty":"AT&T","counterparty_slug":"at-t","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-03-02","basis":"AT&T 주파수 면허 매각 계약의 조정 전 현금 매매대금","value":22650000000,"period":"agreement announced 2025","basis_en":"Unadjusted cash purchase price under the AT&T spectrum license sale agreement","qualifier":"pending_transaction"},"note":"에코스타는 3.45GHz와 600MHz 주파수 면허 및 하와이 일부 면허의 장기 사용권을 AT&T에 현금 226억5천만달러로 매각하기로 했다. 2025년 말 기준 거래는 규제 승인을 기다리고 있었다.","note_en":"EchoStar agreed to sell its 3.45 GHz and 600 MHz spectrum licenses and extend AT&T's use of certain Hawaii licenses for $22.65 billion in cash. The transaction was awaiting regulatory approval at year-end 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"공시는 AT&T 거래의 조정 전 현금 매매대금을 226억5천만달러로 명시한다.","excerpt_en":"The filing states an aggregate purchase price of $22.650 billion in cash."},{"stance":"confirms","publisher":"하나증권","publisher_en":"Hana Securities","kind":"research","lang":"ko","published_at":"2025-09-23","url":"https://www.hanaw.com/main/research/research/download.cmd?attachFileSeq=1&bbsCd=2220&bbsId=&bbsSeq=1284288&dbType=","title":"미국부터 주파수 경매 및 투자가 본격화된다","title_en":"U.S. Spectrum Auctions and Investment Are Set to Accelerate","excerpt":"하나증권은 에코스타가 보유한 주파수 가운데 50MHz를 AT&T에 매각했다고 분석했다.","excerpt_en":"Hana Securities reports that EchoStar agreed to sell 50 MHz of its spectrum holdings to AT&T."},{"stance":"confirms","publisher":"AT&T","publisher_en":"AT&T","kind":"ir","lang":"en","published_at":"2025-08-26","url":"https://about.att.com/story/2025/echostar.html","title":"AT&T to Acquire Spectrum Licenses from EchoStar","title_en":"AT&T to Acquire Spectrum Licenses from EchoStar","excerpt":"AT&T는 에코스타 주파수 면허를 약 230억달러에 매입한다고 발표했다.","excerpt_en":"AT&T agreed to purchase EchoStar spectrum licenses for approximately $23 billion."}]},{"direction":"revenue","counterparty":"스페이스X","counterparty_slug":"spacex","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-03-02","basis":"수정된 스페이스X 주파수 거래의 총대가","value":20000000000,"period":"amended agreement 2025","basis_en":"Total consideration under the amended SpaceX spectrum transaction","qualifier":"approximately_pending_transaction"},"note":"에코스타는 AWS-4, H-Block과 추가 AWS-3 주파수 권리를 스페이스X에 넘기고 약 200억달러를 받기로 했다. 거래에는 현금과 스페이스X 주식이 함께 포함된다.","note_en":"EchoStar agreed to transfer AWS-4, H-Block, and additional AWS-3 spectrum rights to SpaceX for approximately $20 billion. The consideration combines cash and SpaceX shares.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"공시는 수정 거래의 총대가가 170억달러에서 약 200억달러로 늘었다고 밝힌다.","excerpt_en":"Total consideration increased from $17 billion to approximately $20 billion."},{"stance":"mentions","publisher":"하나증권","publisher_en":"Hana Securities","kind":"research","lang":"ko","published_at":"2025-09-23","url":"https://www.hanaw.com/main/research/research/download.cmd?attachFileSeq=1&bbsCd=2220&bbsId=&bbsSeq=1284288&dbType=","title":"미국부터 주파수 경매 및 투자가 본격화된다","title_en":"U.S. Spectrum Auctions and Investment Are Set to Accelerate","excerpt":"하나증권은 에코스타의 스페이스X 대상 45MHz 주파수 거래를 최초 발표 기준 170억달러로 분석했다.","excerpt_en":"Hana Securities analyzes the initially announced 45 MHz SpaceX transaction at $17 billion."},{"stance":"mentions","publisher":"AP통신","publisher_en":"Associated Press","kind":"news","lang":"en","published_at":"2025-09-08","url":"https://apnews.com/article/echostar-spacex-musk-att-fcc-98875d3efa06242b0af80399dd3e0ca8","title":"Musk's SpaceX spends $17 billion to acquire spectrum licenses from EchoStar","title_en":"Musk's SpaceX spends $17 billion to acquire spectrum licenses from EchoStar","excerpt":"AP는 최초 계약이 현금과 스페이스X 주식을 합쳐 약 170억달러 규모라고 보도했다.","excerpt_en":"The initial deal included up to $8.5 billion in cash and $8.5 billion in SpaceX stock."}]},{"direction":"investment","counterparty":"스페이스X","counterparty_slug":"spacex","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-02","basis":"스페이스X A종 보통주로 지급될 수 있는 최대 거래대가","value":11000000000,"period":"amended agreement 2025","basis_en":"Maximum transaction consideration payable in SpaceX Class A common stock","qualifier":"up_to_pending_transaction"},"note":"에코스타는 수정된 주파수 거래 대가 가운데 최대 110억달러를 스페이스X A종 보통주로 받기로 했다. 거래가 완료되면 에코스타가 스페이스X 지분을 보유하게 되는 구조다.","note_en":"EchoStar agreed to receive up to $11 billion of the amended spectrum transaction consideration in SpaceX Class A common stock. Closing would give EchoStar an equity position in SpaceX.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"공시는 거래대가 중 최대 110억달러를 스페이스X A종 보통주로 지급한다고 밝힌다.","excerpt_en":"Up to $11 billion will be paid in SpaceX Class A common stock."},{"stance":"mentions","publisher":"AP통신","publisher_en":"Associated Press","kind":"news","lang":"en","published_at":"2025-09-08","url":"https://apnews.com/article/echostar-spacex-musk-att-fcc-98875d3efa06242b0af80399dd3e0ca8","title":"Musk's SpaceX spends $17 billion to acquire spectrum licenses from EchoStar","title_en":"Musk's SpaceX spends $17 billion to acquire spectrum licenses from EchoStar","excerpt":"AP는 최초 거래 대가에 최대 85억달러 상당의 스페이스X 주식이 포함됐다고 보도했다.","excerpt_en":"The initial agreement included up to $8.5 billion in SpaceX stock."}]},{"direction":"cost","counterparty":"T-모바일","counterparty_slug":"t-mobile-us","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-02","basis":"T-모바일 무선망 서비스 최소구매 약정액","value":null,"period":"FY2025","basis_en":"Minimum purchase commitment for T-Mobile wireless network services","qualifier":"confirmed_no_disclosed_value"},"note":"에코스타는 Boost Mobile 가입자 서비스에 T-모바일 무선망을 사용하며 최소구매 약정을 두고 있다. AT&T 중심의 하이브리드 MNO로 전환한 뒤에도 기존 계약에 따라 T-모바일 망에 의존한다.","note_en":"EchoStar uses T-Mobile's wireless network for Boost Mobile subscribers under an agreement with a minimum purchase commitment. It continued to rely on T-Mobile after shifting to an AT&T-centered hybrid MNO model.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"공시는 T-모바일과 최소구매 약정을 포함한 무선망 서비스 계약을 맺었다고 밝힌다.","excerpt_en":"EchoStar agreed to a minimum purchase commitment to T-Mobile."}]},{"direction":"cost","counterparty":"AT&T","counterparty_slug":"at-t","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-02","basis":"AT&T 무선망 서비스 구매액","value":null,"period":"through 2031","basis_en":"Purchases of AT&T wireless network services","qualifier":"confirmed_no_disclosed_value"},"note":"에코스타는 Boost Mobile 무선 가입자에게 서비스를 제공하기 위해 AT&T 망을 사용한다. 2025년 4분기에 하이브리드 MNO 전환 기준을 충족했고, AT&T는 2031년 말까지 망 서비스를 제공하기로 했다.","note_en":"EchoStar uses AT&T's network to serve Boost Mobile wireless subscribers. It met the hybrid MNO transition thresholds in the fourth quarter of 2025, and AT&T agreed to provide network services through 2031.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"공시는 AT&T가 2031년 12월 31일까지 관련 망 서비스를 제공한다고 밝힌다.","excerpt_en":"AT&T agreed to provide these services through December 31, 2031."},{"stance":"confirms","publisher":"AT&T","publisher_en":"AT&T","kind":"ir","lang":"en","published_at":"2025-08-26","url":"https://about.att.com/story/2025/echostar.html","title":"AT&T to Acquire Spectrum Licenses from EchoStar","title_en":"AT&T to Acquire Spectrum Licenses from EchoStar","excerpt":"AT&T는 장기 도매망 계약 아래 에코스타의 주된 망 서비스 파트너가 된다고 발표했다.","excerpt_en":"AT&T will be EchoStar's primary network services partner under the enhanced wholesale agreement."}]}]}