SCHEDULE: EchoStar Ownership Update: Ergen Group Files Schedule 13D Amendment

An amendment to Schedule 13D details the beneficial ownership of EchoStar Corporation Class A and Class B common stock by Charles W. Ergen, Cantey M. Ergen, and related entities as of July 20, 2026.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of EchoStar Corporation securities.
• The reporting persons include Charles W. Ergen, Cantey M. Ergen, and various trusts and entities such as Telluray Holdings, LLC, and several GRATs (Grantor Retained Annuity Trusts).
• As of July 20, 2026, Charles W. Ergen directly or indirectly beneficially owns approximately 50.9% of the Class A Common Stock, representing significant voting power.
• Cantey M. Ergen beneficially owns approximately 50.7% of the Class A Common Stock, also holding substantial voting power.
• The filing details the breakdown of shares held directly and indirectly, including through trusts and limited liability companies, and specifies voting and dispositive power.
• A key event noted is the contribution of 5,000,000 shares of Class B Common Stock by Mr. Ergen to the 2026 July GRAT on July 20, 2026, for estate planning purposes.
• The Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis.
• An Amended and Restated Support Agreement dated October 2, 2023, restricts the voting of Class A Common Stock by certain reporting persons for three years following a merger closing.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a routine disclosure of ownership and does not contain new financial performance data or strategic announcements that would significantly alter the company's valuation.

Positives

• The filing provides a clear and detailed update on the beneficial ownership structure of EchoStar Corporation by key individuals and related entities.
• The information is presented comprehensively, covering direct and indirect ownership, voting power, and dispositive power across various classes of stock and entities.
• The establishment of trusts for estate planning purposes indicates long-term strategic financial planning by the Ergen family.

Negatives

• The complex structure of ownership involving multiple trusts and entities can obscure the ultimate control and decision-making processes.
• The voting restrictions outlined in the Amended Support Agreement may limit the flexibility of certain shareholders in specific corporate actions.

Risks

• The Amended Support Agreement imposes voting restrictions on Class A Common Stock for three years following a merger closing, potentially limiting shareholder influence.
• The trust agreements for several GRATs contain irrevocable provisions preventing the disposition of EchoStar shares unless a 'Change of Control Event' occurs, which could restrict liquidity for these holdings.
• The definition of a 'Change of Control Event' is complex and tied to specific thresholds of ownership, board composition, and Mr. Ergen's equity interest, introducing uncertainty.

Future Outlook

The filing does not contain specific forward-looking statements or financial guidance. It primarily reports on current beneficial ownership and related agreements. The trust agreements for the GRATs indicate potential future disposition of shares upon the occurrence of a Change of Control Event or upon the expiration of the trusts.

Management Comments

• Mr. Ergen established the 2026 July GRAT for estate planning purposes.
• Mrs. Ergen serves as trustee of the 2026 July GRAT and holds sole voting and dispositive power over the shares held by it, except as set forth in Item 6.
• Mr. Ergen receives an annual annuity amount from the 2026 July GRAT under its trust agreement.

Industry Context

StockSavvy.ai notes that this Schedule 13D amendment reflects significant ownership concentration within EchoStar Corporation, a key player in the satellite and telecommunications sector. Such filings are common for founders and major investors in this industry, indicating substantial control and long-term strategic interests.

Corporate Governance

Related Party Transactions

• Mr. Ergen contributed 5,000,000 shares of Class B Common Stock to the 2026 July GRAT for estate planning purposes.
• Mr. Ergen receives an annual annuity amount from the 2026 July GRAT.
• Members of Mr. and Mrs. Ergen's family are beneficiaries of the 2026 July GRAT.
• Mrs. Ergen is a manager of Telluray Holdings, and Mr. and Mrs. Ergen share dispositive power over its assets.
• Mrs. Ergen is trustee for multiple GRATs, and Mr. Ergen is an officer of a charitable foundation for which he shares voting and dispositive power with Mrs. Ergen.

Stakeholder Impact

• Shareholders: The concentration of ownership and voting power by the Ergen group, along with voting restrictions, may influence corporate governance and strategic decisions.
• Beneficiaries of GRATs: Their interests are tied to the performance and disposition of EchoStar shares held within the trusts, subject to trust agreements.
• Management: The filing clarifies the ownership structure, which is relevant for understanding control dynamics within the company.

Next Steps

• The 2026 July GRAT is scheduled to expire on July 20, 2028.
• The Amended and Restated Support Agreement imposes voting restrictions for three years following the closing of the merger between EchoStar and DISH.
• The trust agreements for the GRATs allow for disposition of shares upon a Change of Control Event.

Key Dates

Keywords

EchoStar, Schedule 13D, Beneficial Ownership, Charles W. Ergen, Cantey M. Ergen, Class A Common Stock, Class B Common Stock, GRAT, Telluray Holdings