SCHEDULE: EchoStar Ownership Update: Ergen Group Maintains Significant Stake

An amended Schedule 13D filing reveals the consolidated beneficial ownership of EchoStar Corporation shares by Charles W. Ergen, Cantey M. Ergen, and related entities as of July 10, 2026.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of EchoStar Corporation (EchoStar) securities.
• The reporting persons include Charles W. Ergen, Cantey M. Ergen, various GRATs (Grantor Retained Annuity Trusts), and Telluray Holdings, LLC.
• As of July 10, 2026, the aggregate beneficial ownership reported by these entities is 148,681,347 shares for Charles W. Ergen and 147,197,377 shares for Cantey M. Ergen.
• These holdings represent approximately 50.9% and 50.7% of the Class A Common Stock, respectively, based on outstanding shares and potential conversions.
• The filing details the complex web of direct and indirect ownership, including shares held through trusts and limited liability companies.
• A key event on July 10, 2026, involved the 2024 July GRAT distributing shares to Mr. Ergen and contributing remaining shares to Telluray Holdings before its expiration.
• The reporting persons may acquire additional Class A Common Stock for investment purposes using personal funds or borrowed money.
• Voting power is significantly concentrated, with Class B Common Stock carrying 10 votes per share, giving Mr. Ergen and Mrs. Ergen substantial control.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily an update on existing ownership structures and a reflection of ongoing trust and entity management, rather than a significant new development or strategic shift.

Positives

• Charles W. Ergen and Cantey M. Ergen, along with related entities, maintain a controlling beneficial ownership stake in EchoStar Corporation, exceeding 50% of the Class A Common Stock.
• The filing clarifies the ownership structure and beneficial interests across various entities and trusts, providing transparency.
• The 2024 July GRAT successfully completed its distribution and contribution as per its terms, with the GRAT expiring as planned.
• The reporting persons retain the flexibility to acquire additional Class A Common Stock for investment purposes.

Negatives

• The complex structure of ownership through multiple trusts and LLCs, while disclosed, can obscure direct control and create potential governance complexities.
• The significant voting power held by a few individuals through Class B shares could limit the influence of other shareholders on corporate matters.
• The Amended and Restated Support Agreement imposes voting restrictions on Class A Common Stock for three years following the DISH merger closing, potentially limiting shareholder action.

Risks

• The voting power of Class B Common Stock (10 votes per share) grants significant control to Mr. Ergen and Mrs. Ergen, potentially disadvantaging Class A shareholders.
• The Amended Support Agreement restricts the voting of Class A Common Stock for three years post-DISH merger, limiting shareholder agency.
• The definition of a 'Change of Control Event' in trust agreements could trigger disposition restrictions on EchoStar shares held by GRATs, impacting future strategic flexibility.
• The reliance on personal funds or borrowed money for potential future acquisitions introduces financial risk for the reporting persons.

Future Outlook

The reporting persons may acquire additional shares of Class A Common Stock for investment purposes, potentially using personal funds or borrowed capital. The Amended Support Agreement imposes voting restrictions for three years following the DISH merger, impacting future shareholder actions.

Management Comments

• Mr. Ergen's principal occupation is Chairman, President and Chief Executive Officer of EchoStar.
• Mrs. Ergen is a Senior Advisor and member of the Board of Directors of EchoStar.
• The 2024 July GRAT distributed shares to Mr. Ergen as an annuity payment and contributed remaining shares to Telluray Holdings before expiring.
• Mr. Ergen and Mrs. Ergen disclaim beneficial ownership of certain shares held by Telluray Holdings and CONX, except to the extent of their pecuniary interest.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing is typical for significant shareholders in publicly traded companies, particularly those with dual-class stock structures like EchoStar. The concentration of voting power through Class B shares is a common strategy in the telecommunications and media sectors to maintain founder control.

Corporate Governance

Related Party Transactions

• On July 10, 2026, the 2024 July GRAT contributed 15,939,781 shares of Class B Common Stock to Telluray Holdings in exchange for membership units. Mr. Ergen and Mrs. Ergen are managers of Telluray Holdings, with Mrs. Ergen having sole voting power and shared dispositive power over these shares.
• Mr. Ergen receives an annuity amount from the 2024 July GRAT, which included a distribution of 2,622,061 shares of Class B Common Stock on July 10, 2026.

Stakeholder Impact

• Shareholders: The concentration of voting power through Class B shares and the voting restrictions under the Amended Support Agreement may impact the influence of Class A shareholders on corporate governance.
• Trust Beneficiaries: The disposition of EchoStar shares held by GRATs is restricted by 'Change of Control Event' clauses, affecting potential distributions or liquidity for beneficiaries.
• Management: Charles W. Ergen continues as Chairman, President, and CEO, and Cantey M. Ergen as Senior Advisor and Board member, indicating continuity in leadership.

Next Steps

• Reporting persons may acquire additional Class A Common Stock for investment purposes.
• Voting restrictions under the Amended Support Agreement remain in effect for three years following the DISH merger closing.

Key Dates

Keywords

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