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How Charlie Ergen Built His Billion-Dollar Empire: Story Of His Struggles, Hardwork, And Success
The 66-year-old business tycoon Charlie Ergen began his journey from selling satellite dishes from the back of his truck to being the CEO of one of the renowned billion-dollar network DISH Network.
As of 2019, the American businessman Charlie owns a net worth of $10.4 billion. Know his story of struggles, hard work, and success.
From Selling Satellite Dishes To Becoming The CEO
Ergen, his wife Candy, and Jim DeFranco began a business called EchoSphere Corporation back in 1980 investing $60,000 each. The trio drove around the Denver metro area on a small budget selling satellite dishes from the back of their truck.
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Image Source: Wall Street Journal
As of 1990, Charlie elevated EchoStar’s profile by raising $335 million in junk bonds purchasing orbital slots for satellites. In 1992, EchoStar got a DBS license from the Federal Communications Commission giving the company its own geostationary orbital slot.
As of 1993, EchoStar’s net income doubled to $20.4 million.
Founding Of Dish Network
DISH Network Corporation is a U.S. television provider that was founded in 1981 as EchoStar by Jim DeFranco, Cantey Ergen, and Charlie Ergen. In 4th March 1996, the network was renamed as Dish Network.
Did You Know? The dish was the first satellite TV provider to offer two-way high-speed internet access and the first network to introduce a Digital video recorder in a set-top box.
The network has approximately 14 million satellite subscribers as of 2014 which degraded to 9.9 million the following year.
Under Charlie Ergen, Dish Network and EchoStar acquired multiple companies after an $80 million deal for 22 channel assignments of DBSC.
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Image Source: Press Reader
The company revenues for FY 2018 were $13.6 billion, operating income was $2.148 billion, and net income was $1.575 billion.
As of 2018, Dish Network has 16,000 employees serving in the United States & American and Northern America.
What Is Charlie Ergen’s Current Net Worth?
According to Forbes, Charlie owns a net worth of $10.4 billion as of 1st December 2019. As of 2019, Ergen was estimated at around $10 billion as per Celebrity Net Worth.
He amassed his fortune from his profession as the Chairman of Dish Network (present) and EchoStar Corporation from 1998-2019.
Prior to this, he served as the CEO of Dish from which he stepped down in 2017 to focus on the company’s new wireless network for the Internet of Things.
READ: Peter Cetera Lists His Idaho Home For $2.2 Million
Ergen holds 78% percent of DISH and 72% of EchoStar’s total voting power. Ergen was listed in the 400 richest Americans list by Forbes.
Short Biography
Charles William Ergen was born on 1st March 1953 in Oak Ridge, Tennessee, the United States to Viola Siebenthal and William Krasny Ergen. He is of American nationality and has Austrian descent.
He went and graduated from the University of Tennessee at Knoxville from where he earned his Bachelor of Arts. He received his M.B.A. from Wake Forest University.
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Image Source: Celeb Family
He is married to Cantey “Candy” McAdam and shares five children together. The duo resides in The Village at Castle Pines, Colorado along with their family.
