EchoStar Sells Spectrum Licenses to SpaceX for $17 Billion
EchoStar on Monday agreed to sell wireless spectrum licenses to SpaceX for its Starlink satellite network for about $17 billion, in a bid to resolve a regulatory review over underutilization of its assets for 5G service expansion.

Shares of EchoStar rose nearly 22% in premarket trading following the news.

The deal comes months after the Federal Communications Commission questioned EchoStar's compliance with buildout extensions and its use of mobile-satellite service spectrum, raising concerns about whether it was meeting its obligations to deploy 5G in the U.S.

President Donald Trump had earlier prodded EchoStar and FCC Chair Brendan Carr to reach an amicable deal over the fate of the company's wireless spectrum licenses.

EchoStar in August sold some wireless spectrum licenses to AT&T for $23 billion, its first move to resolve the regulatory probe.