Gabelli group reports 17.37% Telesat Corp (TSAT) stake in 13D/A

Rhea-AI Filing Summary

Gabelli-affiliated investment entities filed Amendment No. 20 to a Schedule 13D on Telesat Corp, reporting a combined beneficial ownership of 2,558,988 Class A common and Class B variable voting shares, or 17.37% of the 14,730,782 shares outstanding as reported in Telesat’s latest Form 20-F.

The holdings are spread across multiple entities, including GAMCO Asset Management Inc. with 1,713,548 shares (11.63%) and Gabelli Funds, LLC-managed funds with 714,129 shares (4.85%), with most entities having sole voting and dispositive power over their positions. The group is using the long-form Schedule 13D to support regular communications with Telesat’s management while remaining compliant with Exchange Act reporting rules.

Key Figures

Aggregate shares owned: 2,558,988 shares Ownership percentage: 17.37% Shares outstanding: 14,730,782 shares +5 more

8 metrics

Aggregate shares owned 2,558,988 shares Total Telesat shares beneficially owned by reporting persons

Ownership percentage 17.37% Portion of 14,730,782 Telesat shares outstanding

Shares outstanding 14,730,782 shares Telesat shares outstanding per most recent Form 20-F

GAMCO stake 1,713,548 shares (11.63%) Beneficial ownership reported by GAMCO Asset Management Inc.

Gabelli Funds stake 714,129 shares (4.85%) Shares held by funds advised by Gabelli Funds, LLC

Largest single sale price $36.3100 per share GAMCO sale of 55,000 shares on 3/31/2026

Recent high sale price $43.2100 per share GAMCO sale of 200 shares on 3/18/2026

AC position 11,100 shares (0.08%) Associated Capital Group, Inc. beneficial ownership

Key Terms

beneficially own, Schedule 13D, Investment Advisers Act of 1940, sole voting power, +2 more

6 terms

beneficially own financial

"The aggregate number of Securities to which this relates is 2,558,988 shares, representing 17.37%..."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Schedule 13D regulatory

"The Reporting Persons file the long form pursuant to Section 13d-1 of the Securities Exchange Act..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Investment Advisers Act of 1940 regulatory

"GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940..."

A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: Sole Voting Power 1,200.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole Dispositive Power 1,713,548.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

proxy voting committee financial

"the Proxy Voting Committee of each Fund shall respectively vote that Funds shares"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 20)

Telesat Corp

(Name of Issuer)

Class A common and Class B variable voting shares, no par value per share

(Title of Class of Securities)

879512309

(CUSIP Number)

DAVID GOLDMAN
191 MASON STREET,
GREENWICH, CT, 06830
914-921-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GAMCO INVESTORS, INC. ET AL

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,200.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,200.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,200.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GABELLI FUNDS LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 714,129.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 714,129.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

714,129.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GAMCO Asset Management Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,660,448.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,713,548.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,713,548.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.6 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GABELLI & Co INVESTMENT ADVISERS, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 42,211.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 42,211.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

42,211.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GABELLI FOUNDATION, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 50,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 50,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

50,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

MJG ASSOCIATES, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 13,600.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 13,600.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

13,600.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GGCP, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

Associated Capital Group, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 11,100.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 11,100.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

11,100.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13D

CUSIP Number(s): 879512309

1

Name of reporting person

GABELLI MARIO J

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,200.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,200.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,200.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common and Class B variable voting shares, no par value per share
(b)	Name of Issuer: Telesat Corp
(c)	Address of Issuer's Principal Executive Offices: 160 ELGIN ST, 160 ELGIN ST, OTTAWA, ONTARIO, CANADA , K2P 2P7.
Item 2.	Identity and Background
(a)	This statement is being filed by one or more of the following persons: GGCP, Inc. (GGCP), GGCP Holdings LLC (GGCP Holdings), GAMCO Investors, Inc. (GBL), Associated Capital Group, Inc. (AC), Gabelli Funds, LLC (Gabelli Funds), GAMCO Asset Management Inc. (GAMCO), Teton Advisors, LLC (Teton Advisors), Keeley-Teton Advisors, LLC (Keeley-Teton), Gabelli & Company Investment Advisers, Inc. (GCIA), Morgan Group Holding Co., (MGH), G.research, LLC (G.research), MJG Associates, Inc. (MJG Associates), Gabelli Securities International (Bermuda) Limited (GSIL), Gabelli Foundation, Inc. (Foundation), Mario Gabelli, LICT and CIBL. Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the Reporting Persons.
(b)	GAMCO is a New York corporation and GBL and MGH are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a Wyoming corporation and AC and GCIA are Delaware corporations each having its principal business office 191 Mason Street, Greenwich, CT 06830. GGCP Holdings is a Delaware limited liability corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. G.research is a Delaware limited liability company having its principal officers at One Corporate Center, Rye, New York 10580. Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580. Teton Advisors is a Wyoming limited liability company having its principal place of business at 189 Mason Street, Greenwich, CT 06830. Keeley-Teton Advisors is a Delaware limited liability company having its principal place of business at 141 W. Jackson Blvd., Chicago, IL 60604. MJG Associates is a Connecticut corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501. LICT is a Delaware corporation having its principal place of business as 401 Theodore Fremd Avenue, Rye, New York 10580. CIBL, Inc. is a Delaware corporation having its principal place of business as 165 West Liberty Street, Suite 220, Reno, NV 89501.
(c)	GGCP makes investments for its own account and is the manager and a member of GGCP Holdings which is the controlling shareholder of GBL and AC. GBL, a public company whose stock is quoted on the OTCQX platform, is the parent company for a variety of companies engaged in the securities business, including certain of those named below. AC, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those listed below. GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940, as amended (Advisers Act). GAMCO is an investment manager providing discretionary managed account services for employee benefit plans, private investors, endowments, foundations and others. GCIA, a wholly owned subsidiary of AC, is an investment adviser registered under the Advisers Act and serves as a general partner or investment manager to limited partnerships and offshore investment companies and other accounts. As a part of its business, GCIA may purchase or sell securities for its own account. GCIA or its relying advisers, act as a general partner or investment manager of a number of funds or partnerships, including Gabelli Associates Fund, L.P., Gabelli Associates Fund II, L.P., Gabelli Associates Limited, Gabelli Associates Limited II E, Gabelli Intermediate Credit Fund L.P., GAMA Select Plus Master Fund, Ltd., GAMCO Medical Opportunities L.P., and Gabelli Multimedia Partners, L.P. G.research is a wholly owned subsidiary of MGH. G.research, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (1934 Act), which may as a part of its business purchase and sell securities for its own account. Gabelli Funds, a wholly owned subsidiary of GBL, is a limited liability company. Gabelli Funds is an investment adviser registered under the Advisers Act which provides advisory services for The Gabelli Equity Trust Inc., The Gabelli Asset Fund, The Gabelli Growth Fund, The Gabelli Convertible and Income Securities Fund Inc., The Gabelli Value 25 Fund Inc., The Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC Fund, The Gabelli Global Content & Connectivity Fund, The Gabelli Gold Fund, Inc., The Gabelli Multimedia Trust Inc., The Gabelli Global Rising Income & Dividend Fund, The Gabelli Capital Asset Fund, The Gabelli International Growth Fund, Inc., The Gabelli Global Growth Fund, The Gabelli Utility Trust, The Gabelli Utilities Fund, The Gabelli Dividend Growth Fund, The Gabelli Focused Growth and Income Fund, The Comstock Capital Value Fund, The Gabelli Dividend and Income Trust, The Gabelli Global Utility & Income Trust, The GAMCO Global Gold, Natural Resources, & Income Trust, The GAMCO Natural Resources, Gold & Income Trust, The GDL Fund, Gabelli Enterprise Mergers & Acquisitions Fund, The Gabelli ESG Fund, Inc., The Gabelli International Small Cap Fund, The Gabelli Healthcare & Wellness Rx Trust, The Gabelli Global Small and Mid Cap Value Trust, Gabelli Merger Plus+ Trust Plc, The Gabelli Global Financial Services Fund, The Gabelli Global Mini Mites Fund, The Gabelli Media Mogul Fund, The Gabelli Pet Parents Fund, Keeley Small Cap Fund, The Gabelli U.S. Treasury Money Market Fund, Bancroft Fund Ltd. and Ellsworth Growth & Income Fund Ltd., Gabelli Growth Innovators ETF, Gabelli Love Our Planet & People ETF, Gabelli Automation ETF, Gabelli Commercial Aerospace & Defense ETF, Gabelli Financial Services Opportunities ETF (collectively, the Funds), which are registered investment companies. Gabelli Funds is also the investment adviser to The GAMCO International SICAV (sub-funds GAMCO Merger Arbitrage and GAMCO All Cap Value), a UCITS III vehicle. Teton Advisors, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The TETON Westwood Mighty Mites Fund, The Teton Westwood Balanced Fund, and The TETON Westwood Equity Fund. The TETON Westwood Mighty Mites Fund is sub-advised by Gabelli Funds, and their holdings are included in this filing. Keeley-Teton, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The TETON Convertible Securities Fund and their holding are included in this filing. MJG Associates provides advisory services to private investment partnerships and offshore funds. Mario Gabelli is the sole shareholder, director and employee of MJG Associates. MJG Associates is the Investment Manager of Gabelli International Limited and Gabelli Fund, LDC. Mario J. Gabelli is the general partner of Gabelli Performance Partnership, LP. The Foundation is a private foundation. Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the Foundation. Elisa M. Wilson is the President of the Foundation. LICT is a holding company with operating subsidiaries engaged primarily in the rural telephone industry. LICT actively pursues new business ventures and acquisitions. LICT makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is the Chief Executive Officer, a director, and substantial shareholder of LICT. CIBL is a holding company with interest in telecommunications operations, primarily in the rural telephone industry. CIBL actively pursues new business ventures and acquisitions. CIBL makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is a director, and substantial shareholder of CIBL. Mario Gabelli is the controlling stockholder, co-Chief Executive Officer and a director of GGCP and Chairman and Chief Executive Officer of GBL. He is the Executive Chairman of AC. Mario Gabelli is also a member of GGCP Holdings. Mario Gabelli is the controlling shareholder of MGH and indirectly of Teton Advisors and Keeley-Teton Advisors.
(d)	Not applicable.
(e)	Not applicable.
(f)	United States
Item 4.	Purpose of Transaction
	The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the Issuer's management, filing the Schedule 13D ensures that these conversations are compliant with the reporting obligations under the Exchange Act.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate number of Securities to which this Schedule 13D relates is 2,558,988 shares, representing 17.37% of the 14,730,782 shares outstanding as reported by the Issuer in its most recently filed Form 20-F for the fiscal year ended December 31, 2025. The Reporting Persons beneficially own those Securities as follows: AC 11,100 shares 0.08%, GCIA 42,211 shares 0.29%, Foundation 50,000 shares 0.34%, Funds 714,129 shares 4.85%, GAMCO 1,713,548 shares 11.63%, GBL 1,200 shares 0.01%, GGCP 10,000 shares 0.07%, MJG Associates 13,600 shares 0.09% and Mario Gabelli 3,200 0.02%.
(b)	Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have authority to vote 53,100 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Funds shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons.
(c)	Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth below: DATE SHARES PURCHASED PRICE /SOLD ASSOCIATED CAPITAL GROUP, INC. 3/17/2026 -100 42.1677 GABELLI & COMPANY INVESTMENT ADVISERS, INC. GABELLI ASSOCIATES FUND II 3/17/2026 -950 42.1677 GABELLI ASSOCIATES FUND 3/17/2026 -1,550 42.1677 GABELLI ASSOCIATES LIMITED II E 3/17/2026 -800 42.1677 GABELLI ASSOCIATES LIMITED 3/17/2026 -2,300 42.1677 GABELLI FUNDS, LLC GABELLI ENTERPRISE M&A FUND 3/5/2026 -300 35.3000 GABELLI MERCHANT PARTNERS PLC 3/17/2026 -300 42.1677 GAMCO MERGER ARBITRAGE UCITS 3/17/2026 -1,500 42.1677 GAMCO ASSET MANAGEMENT INC. 3/31/2026 150 35.6100 3/31/2026 -55,000 36.3100 3/30/2026 -500 35.5000 3/18/2026 -200 43.2100 3/17/2026 -200 39.5000 3/17/2026 -200 40.8158 3/17/2026 -600 41.0095 3/17/2026 -276 42.2350 3/17/2026 -75 42.3450 3/11/2026 -25 35.4348 2/23/2026 -4 29.6950 2/20/2026 150 29.7500 2/13/2026 700 26.5000 2/5/2026 -200 23.9589 2/4/2026 500 26.5179 MJG ASSOCIATES, INC. 3/17/2026 -700 41.7110
(d)	The investment advisory clients of, or partnerships managed by, GAMCO, Gabelli Funds, Teton Advisors and MJG Associates have the sole right to receive and, subject to the notice, withdrawal and/or termination provisions of such advisory contracts and partnership arrangements, the sole power to direct the receipt of dividends from, and the proceeds of sale of, any of the Securities beneficially owned by such Reporting Persons on behalf of such clients or partnerships. Except as noted, no such client or partnership has an interest by virtue of such relationship that relates to more than 5% of the Securities.
(e)	Not applicable.

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.

GAMCO INVESTORS, INC. ET AL

Signature:	PETER D. GOLDSTEIN
Name/Title:	CHIEF LEGAL OFFICER
Date:	04/02/2026

GABELLI FUNDS LLC

Signature:	DAVID GOLDMAN
Name/Title:	GENERAL COUNSEL
Date:	04/02/2026

GAMCO Asset Management Inc.

Signature:	DOUGLAS R. JAMIESON
Name/Title:	PRESIDENT
Date:	04/02/2026

GABELLI & Co INVESTMENT ADVISERS, INC.

Signature:	DOUGLAS R. JAMIESON
Name/Title:	PRESIDENT
Date:	04/02/2026

GABELLI FOUNDATION, INC.

Signature:	DAVID GOLDMAN
Name/Title:	ATTORNEY-IN-FACT
Date:	04/02/2026

MJG ASSOCIATES, INC.

Signature:	DAVID GOLDMAN
Name/Title:	ATTORNEY-IN-FACT
Date:	04/02/2026

GGCP, INC.

Signature:	DAVID GOLDMAN
Name/Title:	ATTORNEY-IN-FACT
Date:	04/02/2026

Associated Capital Group, Inc.

Signature:	PETER D. GOLDSTEIN
Name/Title:	CHIEF LEGAL OFFICER
Date:	04/02/2026

GABELLI MARIO J

Signature:	DAVID GOLDMAN
Name/Title:	ATTORNEY-IN-FACT
Date:	04/02/2026

FAQ

What ownership stake in Telesat Corp (TSAT) do Gabelli-affiliated entities report?

Gabelli-affiliated entities report beneficial ownership of 2,558,988 Telesat Corp shares, equal to 17.37% of the 14,730,782 shares outstanding cited from Telesat’s latest Form 20-F. This makes them a significant shareholder group with notable influence potential.

Which Gabelli-related entity holds the largest Telesat Corp (TSAT) position?

GAMCO Asset Management Inc. holds the largest reported position with 1,713,548 Telesat Corp shares, representing 11.63% of the class. This stake is held with sole voting and sole dispositive power, subject to normal investment advisory arrangements with its clients.

Why did the Gabelli group file a long-form Schedule 13D for Telesat Corp (TSAT)?

They chose the long-form Schedule 13D under Section 13d-1 even though they may qualify for the shorter Schedule 13G. The filing states this approach supports regular communications with Telesat’s management while staying compliant with Exchange Act reporting obligations.

How are Telesat Corp (TSAT) shares allocated among key Gabelli entities?

Reported holdings include GAMCO with 1,713,548 shares (11.63%), Gabelli Funds-managed funds with 714,129 shares (4.85%), Gabelli Foundation with 50,000 shares (0.34%), GCIA with 42,211 shares (0.29%), and several smaller positions across AC, GGCP, MJG Associates and Mario Gabelli personally.

Did Gabelli-affiliated entities recently trade Telesat Corp (TSAT) shares?

Yes. The filing lists multiple trades in the prior 60 days, including GAMCO sales such as 55,000 shares at $36.3100 on 3/31/2026 and other smaller buys and sells between approximately $23.96 and $43.21 per share, plus sales by Associated Capital and MJG Associates.

Who controls voting and disposition of the reported Telesat Corp (TSAT) shares?

Most reporting entities have sole voting and dispositive power over their Telesat shares, acting for their own accounts or clients. Exceptions include limited non-voting shares at GAMCO and situations where fund proxy voting committees may exercise voting authority under specified circumstances.