Terms of the deal mean Dish Network will become a wholly owned subsidiary of EchoStar, a process Bloomberg reported the companies expect to close by the year-end.
The deal buys more time for Dish Network’s cash-strapped 5G network deployment.
Reuters reported Dish Network has about $21 billion of debt, with $5 billion coming due in 2024 and 2025.
The operator issued $1.5 billion-worth of senior notes secured by its spectrum in January, stating the proceeds would go towards “general corporate purposes” including wireless infrastructure.