Charlie Ergen Explained

Charlie Ergen should not be confused with Charlie Engen.

Charlie Ergen
Birth Name:Charles William Ergen
Birth Date:March 1, 1953
Birth Place:Oak Ridge, Tennessee, US
Alma Mater:Oak Ridge High School
University of Tennessee (BA)
Wake Forest University (MBA)
Occupation:Businessman
Chairman of Dish Network and EchoStar Corporation[1]
Term:1998-
Known For:Co-founder, Dish Network
Spouse:Candy Ergen
Children:5

Charles William Ergen (born March 1, 1953) is an American businessman. He is co-founder and chairman of Dish Network and EchoStar. He stepped down as CEO of Dish in May 2011 in favor of Joseph Clayton. Ergen resumed as CEO upon Clayton's March 2015 retirement and was CEO until December 2017, when he promoted president and COO Erik Carlson to CEO,[1] but remains as chairman.[2] Reuters reported that the move was effected to remove the day-to-day responsibilities of running DISH and provide more time for Ergen to build out the company's emerging wireless business.[2] Ergen owns 48 percent of Dish and 46 percent of Echostar shares. He holds 78 percent of Dish's and 72 percent of EchoStar's[3] total voting power.

Early career

After graduating with an M.B.A. from Wake Forest in 1976, Ergen worked as a financial analyst for Frito-Lay. He "retired" in 1978 in hopes of working for himself.[4] [5] Afterward, he was a professional gambler, playing poker and blackjack.[4] [6]

EchoStar

See main article: EchoStar. In 1980 Ergen, his future wife Candy, and Jim DeFranco started a new business called EchoSphere Corporation, investing $60,000[7] to purchase two C-Band antennas, targeting rural Colorado. They drove around the Denver metro area on a small budget, selling satellite dishes from the back of their truck.[8]

In 1990 Ergen elevated EchoStar's profile by raising $335 million in junk bonds and purchasing orbital slots for satellites. Two years later, EchoStar got a DBS license from the Federal Communications Commission, giving the company its own geostationary orbital slot. In 1993, EchoStar Communications was incorporated. Under Ergen, EchoStar's net income doubled to $20.4 million, in 1993.[8]

Dish

See main article: Dish Network. Under Ergen, Dish was the first satellite television provider to offer two-way high-speed internet access as an investor in and dealer for StarBand Communications' geostationary Ku-band satellite internet access service in the United States and the first to introduce a Digital video recorder in a set-top box. He was also instrumental in making satellite receivers available for under $200. In 2012, the Big Four Broadcasters, NBC, CBS, ABC and Fox filed a suit against Dish after it launched AutoHop, a technology that records broadcasting programming and plays it back without commercials. Dish filed a suit seeking a declaratory judgment asserting the legality of the judgment. Preliminary injunction by Fox to block the service was denied. Ergen has stated that Dish's present focus is on acquiring a significant share of the spectrum for cellular wireless services. Dish is also looking for a partner to build a wireless network, with Google and AT&T speculated to be potential partners.[9] [10] [11]

Under Ergen, EchoStar and Dish Network acquired multiple companies, after an $8 million deal for 22 channel assignments of DBSC.[12] [13]

Litigation

Various lawsuits in which Ergen has been involved include:

Personal life

Ergen was born into an Episcopalian family[19] in Oak Ridge, Tennessee, on March 1, 1953, the fourth of five children born to Viola (née Siebenthal) and William Krasny Ergen.[20] His mother was one of the first female accountants in the state of Minnesota. His father was an Austrian immigrant who was working in Sweden as a nuclear physicist, and left Europe prior to World War II. His father coined the phrase "China syndrome".[21] His parents married in Minnesota in 1944 and then moved to Camden, New Jersey, before settling in Oak Ridge where his father accepted a position at the Oak Ridge National Laboratory. Ergen graduated from Oak Ridge High School. He then received a Bachelor of Arts from the University of Tennessee at Knoxville, where he was a member of Phi Gamma Delta fraternity,[22] and an M.B.A. from Wake Forest University.[23] He was a professional blackjack and poker player.[22] [24]

Ergen is well known for his frugality. His office is furnished with second-hand couches and he does not fly first class.[25] Ergen used to sign all the checks his company issued but currently signs only checks for $100,000 or more.[22] Ergen's supporters call his negotiating style patient and prudent.[26]

He is married to Cantey ("Candy") McAdam. They have five children.[27] They live in The Village at Castle Pines, Colorado.[28]

Wealth

Ergen first appeared in the Forbes 400 list in 1999 at the age of 46, with a net worth of US$4.8 billion and was ranked 36th in the list,[29] as Dish share price rose more than 702.1% from 1 January 1999 to 31 December 1999.[30] He was also the third richest person in Colorado at that time. In 2000, Ergen first appeared in The World's Billionaires by Forbes and having a net worth of $11.2 billion, making him the 21st richest person in the world.[31]

Net worth and ranking of Charles Ergen from 2000 to 2023 according to The World's Billionaires.!Year!Net Worth!Rank
2000 [32] $11.2 billion
  1. 21
2001 [33] $8.8 billion #35
2002 [34] $6.2 billion #42
2003 [35] $5.9 billion #45
2004 [36] $9.1 billion #34
2005 [37] $7.2 billion #55
2006 [38] $6.7 billion #80
2007 [39] $10 billion #62
2008 [40] $9.5 billion #87
2009 [41] $3.9 billion #146
2010 [42] $5.2 billion #148
2011 [43] $7 billion #136
2012 [44] $8.3 billion #106
2013 [45] $10.6 billion #100
2014 [46] $15 billion #65
2015 [47] $20.1 billion #43
2016 [48] $12.2 billion #77
2017 [49] $18.3 billion #47
2018 [50] $13.4 billion #106
2019 [51] $9.6 billion #143
2020 [52] $5.4 billion #304
2021 [53] $9.6 billion #241
2022 [54] $8.7 billion #241
2023 [55] $3.2 billion #905

Ergen also appeared ever year in the Forbes 400 List from 1999 until 2022, where he was dropped off in the 2023 list. On November 6, 2023, Dish Network's and EchoStar share price plunged 37.43%[56] and 31.28%[57] respectively after both companies' earnings does not meet the expectation of analyst and also decreasing in number of subscribers.[58] In results, Ergen lost $786 million in a day, and his net worth decreased from $1.6 billion to $857.6 million on the same day, losing his billionaire status for the first time in nearly 25 years.

Recognition

Ergen was recognized with a Rocky Mountain News' Business Person of the Year Award in 1996, and honoured a second time in 2001.[59] [60]

Ergen co-founded the Satellite Broadcasting and Communications Association.[59] [60] In 2012, Ergen was inducted into the Consumer Electronics Hall of Fame.[61]

Notes and References

  1. Web site: Dish co-founder Ergen steps down from CEO role to focus on wireless . Reuters . en . 5 December 2017.
  2. News: Dish co-founder Ergen steps down from CEO role to focus on wireless . December 5, 2017 . March 10, 2020 . Reuters.
  3. Web site: Schedule 14A. SEC. 29 May 2018. 20 March 2018.
  4. Book: Keating, Stephen . Cutthroat: High Stakes & Killer Moves on the Electronic Frontier . Johnson Books . 1999 . Boulder, Colorado . 84–85 . 9781555662486 .
  5. News: Gardner . Eriq . Dish Network's Charlie Ergen Is the Most Hated Man in Hollywood . 22 September 2020 . The Hollywood Reporter . 2 April 2013.
  6. News: Dish's Finicky CEO Is Wild Card in T-Mobile Talks . Ramachandran . Shalini . June 4, 2015 . June 15, 2020 . The Wall Street Journal.
  7. Web site: Meet Colorado's Ten Billionaires. Michael. Roberts. 21 March 2017. westword.com. 19 September 2018.
  8. Chairman and chief executive officer, EchoStar Communications Corporation .
  9. Dish Network CEO Charlie Ergen, the TV Disrupter. Advertising Age. 4 December 2012.
  10. Federal Court Won't Block Dish's 'AutoHop'. MultiChannel.
  11. News: Dish's AutoHop scores another legal win. Los Angeles Times.
  12. EchoStar to Acquire Hughes for About $1.32 Billion. Bloomberg. 14 February 2011.
  13. DISH Network's Intriguing 2011 Acquisitions. 4 December 2012.
  14. Web site: Stempel. Jonathan. Harbinger sues Dish, Ergen over LightSquared, seeks $1.5 billion . Reuters . en . 21 July 2015.
  15. Web site: Dish, Ergen Escape Harbinger's $1.5B Suit Over LightSquared - Law360 . www.law360.com . en.
  16. Web site: Shareholders Sue Dish, Charlie Ergen Over $2.2 Billion Spectrum Bid. The Hollywood Reporter. 26 September 2013. 19 September 2018.
  17. News: . Female EchoStar Executives Charge Ergen with 'Abusive Behavior' . Denver Post . United States . 6 April 2005.
  18. Web site: EchoStar worker suit alleges sex misconduct . denverpost.com . 2006-06-12 . 2016-03-28.
  19. Oral History of Viola Ergen, Interviewed by Keith McDaniel. Center for Oak Ridge Oral History. 18 July 2011. "We joined the Saint Stephen's Episcopal Church in '48 when we came here.".
  20. http://obit.weatherfordmortuary.com/obit_display.cgi?id=1210327 Weatherford Mortuary: "Viola Siebenthal Ergen"
  21. Book: Keating . Stephen . Cutthroat: High Stakes & Killer Moves on the Electronic Frontier . 1999 . Big Earth Publishing . 9781555662486 . en.
  22. Web site: Dish Network, the Meanest Company in America. Yahoo.com. 2 January 2013 .
  23. Dish Network Board of Directors. Dish Network.
  24. Web site: Shea. Dann. Charles Ergen: Meet America's Richest Media Mogul You've Never Heard Of . HuffPost Canada . en . 19 October 2008.
  25. News: Iwatani . Yukari . 30 October 2001 . Former gambler Ergen wins a big round: A career defying the odds . National Post . Canada.
  26. News: Dish's Finicky CEO Is Wild Card in T-Mobile Talks. Shalini. Ramachandran. Wall Street Journal. 4 June 2015. 19 September 2018. www.wsj.com.
  27. Web site: The World's Billionaires 2018. Forbes.com. 29 November 2019.
  28. BusinessWeek resume. https://web.archive.org/web/20131221053727/http://www.businessweek.com/stories/2001-04-22/resume-charles-w-dot-ergen. dead. December 21, 2013. Businessweek.
  29. Web site: Twelve Coloradans made the Forbes list of 400 richest Americans on Thursday. Here these Coloradans are listed by rank, name, age, hometown, net worth in dollars and source of wealth.. denverpost.com. 24 September 1999. 7 November 2023.
  30. Web site: The closing price for DISH Network (DISH) in 1999 was $34.74, on December 31, 1999. It was up 702.1% for the year. The latest price is $3.44.. statmuse.com. 7 November 2023.
  31. Web site: The complete list of world's billionaires 2000. statmuse.com. 7 November 2023.
  32. Web site: The complete list of world's billionaires 2000. 7 November 2023.
  33. Web site: The complete list of world's billionaires 2001. 7 November 2023.
  34. Web site: The complete list of world's billionaires 2002. 7 November 2023.
  35. Web site: The complete list of world's billionaires 2003. 7 November 2023.
  36. Web site: The complete list of world's billionaires 2004. 7 November 2023.
  37. Web site: The complete list of world's billionaires 2005. 7 November 2023.
  38. Web site: The complete list of world's billionaires 2006. 7 November 2023.
  39. Web site: The complete list of world's billionaires 2007. 7 November 2023.
  40. Web site: The complete list of world's billionaires 2008. 7 November 2023.
  41. Web site: The complete list of world's billionaires 2009. 7 November 2023.
  42. Web site: The complete list of world's billionaires 2010. 7 November 2023.
  43. Web site: The complete list of world's billionaires 2011. 7 November 2023.
  44. Web site: The complete list of world's billionaires 2012. 7 November 2023.
  45. Web site: The complete list of world's billionaires 2013. 7 November 2023.
  46. Web site: The complete list of world's billionaires 2014. 7 November 2023.
  47. Web site: The complete list of world's billionaires 2015. 7 November 2023.
  48. Web site: The complete list of world's billionaires 2016. 7 November 2023.
  49. Web site: The complete list of world's billionaires 2017. 7 November 2023.
  50. Web site: The complete list of world's billionaires 2018. 7 November 2023.
  51. Web site: Here Are Colorado's 11 Billionaires On Forbes 2019 List . Patch . March 5, 2019 . 7 November 2023.
  52. Web site: Forbes Profile: Charles Ergen . Forbes . January 2, 2021 . 7 November 2023 . 2 January 2021 . https://web.archive.org/web/20210102184301/https://www.forbes.com/profile/charles-ergen/?sh=27390efd1daf . bot: unknown .
  53. Web site: Forbes Profile: Charles Ergen . Forbes . December 5, 2021 . 7 November 2023 . 5 December 2021 . https://web.archive.org/web/20211205203319/https://www.forbes.com/profile/charles-ergen/ . bot: unknown .
  54. Web site: Forbes Profile: Charles Ergen . Forbes . December 17, 2022 . 7 November 2023 . 17 December 2022 . https://web.archive.org/web/20221217130629/https://www.forbes.com/profile/charles-ergen/ . bot: unknown .
  55. Web site: Forbes Profile: Charles Ergen . Forbes . November 7, 2023 . 7 November 2023 . 7 November 2023 . https://web.archive.org/web/20231107011207/https://www.forbes.com/profile/charles-ergen/ . bot: unknown .
  56. Web site: DISH Network Corporation Class A Common Stock (DISH) . Nasdaq . 6 November 2023 . 7 November 2023 . 7 November 2023 . https://web.archive.org/web/20231107012351/https://www.nasdaq.com/market-activity/stocks/dish . bot: unknown .
  57. Web site: EchoStar Corporation Common Stock (SATS) . Nasdaq . 6 November 2023 . 7 November 2023 . 7 November 2023 . https://web.archive.org/web/20231107043013/https://www.nasdaq.com/market-activity/stocks/sats . bot: unknown .
  58. Web site: Why Dish Network Stock Plunged Today . The Motley Fool . 6 November 2023 . 7 November 2023.
  59. Entrepreneurs Unplugged: Charlie Ergen, Chairman, DISH Network. Lawweb.colorado.edu.
  60. Web site: Silicon Flatirons: Charlie Ergen, Chairman, DISH Network. 17 April 2012. 30 January 2014. https://web.archive.org/web/20140929123959/http://www.siliconflatirons.com/events.php?id=1067. 29 September 2014. dead.
  61. Web site: Smith. Steve. CEA Inducts CE Hall Of Fame Class of 2012. Twice.com. Twice Magazine. 15 May 2018. 17 October 2012. 15 June 2018. https://web.archive.org/web/20180615032243/https://www.twice.com/news/cea-inducts-ce-hall-fame-class-2012-50658. dead.

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