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October 13, 2025 13 mins

What happens when a professional poker player spends decades hoarding billions of dollars in spectrum licenses? In this episode of Fully Modulated, we follow Charlie Ergen’s incredible rise from selling backyard satellite dishes to running Dish Network, his bold $13 billion bet on 5G, and the $23 billion spectrum sale that just ended his dream of becoming America’s fourth wireless carrier.

You’ll hear how the FCC, AT&T, T-Mobile, and even Elon Musk’s SpaceX all played a role in this high-stakes showdown, and why spectrum has become the most valuable resource in wireless. From Project Genesis to the AT&T deal, this is the story of how Dish lost the 5G race — and what it means for the future of your phone service.

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