TAMPA, Fla. — Geostationary satellite operator EchoStar is selling another batch of radio frequencies to help improve SpaceX’s direct-to-cell services in the United States, in return for $2.6 billion worth of the company’s stock.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...