Charlie Ergen's EchoStar saw its stock head skyward after unveiling plans to sell spectrum licenses to AT&T for $23 billion, a move that will shore up its finances and, it hopes, resolve an inquiry by the FCC.

AT&TT has agreed to buy low band and midband wireless spectrum licenses from EchoStarSATS in a $23 billion deal. AT&T stock dipped on the news while EchoStar stock surged.Further, AT&T will acquire approximately 30 MHz of nationwide 3.

Shares of EchoStar skyrocketed in premarket trading Tuesday after the DISH TV provider, under pressure from federal regulators, sold 50 megahertz of its nationwide low- and mid-band spectrum allocations to AT&T for approximately $23 billion.