Shares of EchoStar Corporation (NasdaqGS:SATS), which recently merged with Dish Network, jumped after the telecommunications company said it has hired advisors to help evaluate potential strategic alternatives. The stock climbed 34%, to $16.96, in morning trading. Shares are now up about 3% over the past 12 months.

Earlier January 10, 2024, the company said it has hired investment bank Houlihan Lokey and law firm White & Case to assist the company in evaluating potential strategic alternatives. EchoStar, helmed by Chairman Charlie Ergen, recently closed its merger with its sister company Dish Network. The combined company encompasses pay-TV assets, Dish's burgeoning wireless network and EchoStar's satellite operations.

The merger gave the combined company access to more cash to fund the buildout of Dish's 5G network. EchoStar on Wednesday also said Dish had transferred some of its unencumbered wireless spectrum licenses to a new subsidiary, called EchoStar Wireless Holding. The company said it shuffled some other assets as well.

"This asset allocation enables EchoStar to more optimally position the necessary resources for the execution of its strategic goal of becoming the premier provider of terrestrial mobile, satellite connectivity, and content services" Chief Executive Hamid Akhavan said.