Darsana Capital Partners filed Amendment No. 1 to a Schedule 13G/A reporting shared beneficial ownership of 7,000,000 shares of EchoStar Corp Class A common stock, representing 4.5% of the class.
The filing states these shares are directly owned by advisory clients of Darsana Capital Partners LP and includes a disclaimer that each reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed: 7,000,000 shares (4.5%).
The schedule shows 7,000,000 shares tied to Darsana entities and Anand Desai with 4.5% ownership each, reported as shared voting and dispositive power. The filing attributes ownership to advisory clients of Darsana Capital Partners LP.
Timing and cash‑flow treatment are not detailed in the excerpt; subsequent filings may clarify whether holdings are passive or part of a coordinated strategy.
Reporting structure and disclaimers are standard for advisers.
The filing includes a joint filing agreement and a disclaimer that reporting persons disclaim beneficial ownership except for pecuniary interest, consistent with adviser reporting practice when securities are held for clients.
Item 6 notes shares are directly owned by advisory clients; Exhibit B is referenced for control‑person identification.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
EchoStar CORP
(Name of Issuer)
Class A Common Stock, $0.001 par value per share
(Title of Class of Securities)
278768106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
278768106
1
Names of Reporting Persons
Darsana Capital Partners LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
278768106
1
Names of Reporting Persons
Darsana Capital Partners GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
278768106
1
Names of Reporting Persons
Darsana Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
278768106
1
Names of Reporting Persons
Darsana Capital GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
278768106
1
Names of Reporting Persons
Anand Desai
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
EchoStar CORP
(b)
Address of issuer's principal executive offices:
9601 S. Meridian Blvd., Englewood, CO, 80112
Item 2.
(a)
Name of person filing:
Darsana Capital Partners LP
Darsana Capital Partners GP LLC
Darsana Master Fund LP
Darsana Capital GP LLC
Anand Desai
(b)
Address or principal business office or, if none, residence:
Darsana Capital Partners LP
40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
Darsana Capital Partners GP LLC
40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
Darsana Master Fund LP
40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
Darsana Capital GP LLC
40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
Anand Desai
40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
(c)
Citizenship:
Darsana Capital Partners LP - Delaware
Darsana Capital Partners GP LLC - Delaware
Darsana Master Fund LP - Cayman Islands
Darsana Capital GP LLC - Delaware
Anand Desai - United States
(d)
Title of class of securities:
Class A Common Stock, $0.001 par value per share
(e)
CUSIP No.:
278768106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Darsana Capital Partners LP - 7,000,000
Darsana Capital Partners GP LLC - 7,000,000
Darsana Master Fund LP - 7,000,000
Darsana Capital GP LLC - 7,000,000
Anand Desai - 7,000,000
(b)
Percent of class:
Darsana Capital Partners LP - 4.5%
Darsana Capital Partners GP LLC - 4.5%
Darsana Master Fund LP - 4.5%
Darsana Capital GP LLC - 4.5%
Anand Desai - 4.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Darsana Capital Partners LP - 0
Darsana Capital Partners GP LLC - 0
Darsana Master Fund LP - 0
Darsana Capital GP LLC - 0
Anand Desai - 0
(ii) Shared power to vote or to direct the vote:
Darsana Capital Partners LP - 7,000,000
Darsana Capital Partners GP LLC - 7,000,000
Darsana Master Fund LP - 7,000,000
Darsana Capital GP LLC - 7,000,000
Anand Desai - 7,000,000
(iii) Sole power to dispose or to direct the disposition of:
Darsana Capital Partners LP - 0
Darsana Capital Partners GP LLC - 0
Darsana Master Fund LP - 0
Darsana Capital GP LLC - 0
Anand Desai - 0
(iv) Shared power to dispose or to direct the disposition of:
Darsana Capital Partners LP - 7,000,000
Darsana Capital Partners GP LLC - 7,000,000
Darsana Master Fund LP - 7,000,000
Darsana Capital GP LLC - 7,000,000
Anand Desai - 7,000,000
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Darsana Capital Partners LP. None of those advisory clients may be deemed to beneficially own more than 5% of the Class A Common Stock, $0.001 par value.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Darsana Capital Partners LP
Signature:
By: Darsana Capital Partners GP LLC, Its General Partner, By: /s/ Anand Desai
Name/Title:
Anand Desai, Chief Executive Officer
Date:
02/17/2026
Darsana Capital Partners GP LLC
Signature:
/s/ Anand Desai
Name/Title:
Anand Desai, Chief Executive Officer
Date:
02/17/2026
Darsana Master Fund LP
Signature:
By: Darsana Capital GP LLC, Its General Partner, By: /s/ Anand Desai
Name/Title:
Anand Desai, Chief Executive Officer
Date:
02/17/2026
Darsana Capital GP LLC
Signature:
/s/ Anand Desai
Name/Title:
Anand Desai, Chief Executive Officer
Date:
02/17/2026
Anand Desai
Signature:
/s/ Anand Desai
Name/Title:
Anand Desai
Date:
02/17/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
What stake in EchoStar (SATS) does Darsana Capital report?
Darsana reports 7,000,000 shares, representing 4.5% of EchoStar Class A common stock. The filing lists shared voting and dispositive power for the reported amount and attributes ownership to advisory clients of Darsana Capital Partners LP.
Who is listed as the reporting persons on the 13G/A for SATS?
Reporting persons include Darsana Capital Partners LP, related Darsana entities, and Anand Desai. All are listed with the same address and appear on a joint filing agreement signed on 02/17/2026 as shown in the excerpt.
Are the Darsana holdings direct or held for clients?
The filing states the securities are directly owned by advisory clients of Darsana Capital Partners LP. It also includes a disclaimer that each reporting person disclaims beneficial ownership except to the extent of any pecuniary interest.
What voting and dispositive powers are reported for the 7,000,000 shares?
Each reporting person shows 0 sole voting and dispositive power and 7,000,000 shared voting and shared dispositive power. The filing presents these figures under Item 4 for each listed entity and individual.
