ECHOEchoStar Corporation

EchoStar is satellite television and radio spectrum: assets with different futures under heavy debt.

Satellite television brings in cash but loses subscribers every quarter: viewers move to streaming and nothing stops that. The company manages it as a declining asset — cutting costs and collecting the cash flow while subscribers remain.

The second half is more valuable and more complicated: spectrum licences bought to build a mobile network of its own. Building it required capital the company did not have, while regulatory coverage obligations pressed on the timetable. The resolution came through selling part of the spectrum to larger carriers. Risks: debt, the pace of subscriber losses and the value of the remaining spectrum. The company pays no dividend.