Playing It Close in Wireless, With an Eye for Satellite Deals

If Charles Ergen has a master plan for his deal-making, the 58-year-old founder and chairman of Dish Network and EchoStar isn't sharing the strategy publicly.

The billionaire has been on a takeover tear this year, making $2.3 billion in acquisitions. While the businesses operate in similar industries, it is not clear how they will fit in Ergen’s empire. Through his loosely connected companies, he has bought DBSD North America, a bankrupt satellite operator; Blockbuster, a bankrupt movie rental chain; the assets of Move Networks, a once high-flying video service that has since sputtered; and Hughes Communications, a satellite Internet company. He is not done, either. He is closing in on a deal for TerreStar, another bankrupt satellite operator. With an offer of $1.38 billion, EchoStar has been named the stalking horse bidder, setting the floor for the purchase price. A rival will have to pay at least $1.44 billion to win TerreStar. If Ergen prevails, he will score a coveted piece of broadband spectrum. Analysts say the combination of TerreStar and DBSD could be even more valuable — if that is even his plan.