Dish Asks FCC to Delay Sprint-Softbank Review
Dish Networks has filed paperwork with the Federal Communications Commission asking the agency to defer taking any action with respect to Softbank's bid to acquire a 70% equity stake in Sprint. Dish made a surprise $25.5 billion bid for Sprint on April 15. "Because Dish's merger proposal is currently before the Sprint board of directors, the question of which transaction the commission ultimately should be deciding is unsettled," said Dish in the filing. Sprint has formed an internal committee to evaluate Dish's offer, which comes in at a premium over Softbank's $20 billion bid. Softbank founder and CEO Masayoshi Son said earlier this week he is confident that his deal with Sprint will close by July. At least one major Sprint shareholder said that it prefers the Dish offer to Softbank's. Sprint has not indicated when it will make a decision on the matter.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
SoftBank to Trim Thousands of Jobs at Sprint
Masayoshi Son, CEO of SoftBank, said the company plans to eliminate thousands of jobs at Sprint in order to reduce costs and aid in the company's turn-around plans. Son made the comments while discussing SoftBank's financial performance, which was impacted negatively by Sprint.
Dish Unhappy About FCC's Position On Auction Discounts
Dish Networks has confirmed the FCC plans to deny it $3.3 billion in discounts on spectrum licenses. Dish used three small companies — called designated entities — to place bids on its behalf during the AWS-3 auction earlier this year.