AT&T to buy wireless spectrum from EchoStar for $23 billion cash

By the numbers: EchoStar shares rose 61% in pre-market trading, while AT&T was about 1% higher.

• The cash payment is almost three times the size of EchoStar's entire market capitalization.

Zoom out: AT&T said the acquired spectrum covers "virtually every" U.S. market, and will let it speed up and expand the deployment of its home wireless Internet service, as well as continue the phase-out of traditional copper phone line service.

• EchoStar will continue to own and operate the Boost Mobile wireless service, which will run on the AT&T network.

Context: EchoStar spent years accumulating spectrum with the intention of being a fourth national wireless carrier.

• But critics like Elon Musk's SpaceX have charged that the company was moving too slowly and accused it of essentially sitting on valuable wireless frequencies, without actually using them.
• The Wall Street Journal reported earlier this summer that EchoStar was considering bankruptcy in a bid to protect its licenses, though that ultimately didn't happen.

Editor's note: This story has been updated with additional information throughout.