Dish Again Asks FCC to Halt Softbank-Sprint Review
Dish Networks has filed a second request with the Federal Communications Commission asking the regulatory body to stop its review of Softbank's proposed equity acquisition of Sprint. This time around, Dish claims that Softbank is trying to block its attempt to buy Sprint though back-handed banking maneuvers. Last week, Reuters reported that Softbank threatened to keep Dish from participating in Alibaba's IPO if it didn't back down. "If SoftBank has the power to influence crucial financing decisions of a Chinese company and enlist those decisions in the service of its effort to acquire Sprint, then the proposed foreign ownership needs to be assessed in light of this Chinese company as well," said Dish. "SoftBank is trying to force its offer on Sprint's shareholders by underhandedly seeking to undermine a superior bid." The Securities and Exchange Commission has already given Softbank permission to move forward with its equity acquisition of Sprint and Sprint's shareholders are due to vote on the matter next month. The deal still needs to be approved by the FCC and U.S. Department of Justice. The FCC has not responded to Dish's request.
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 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, Sprint Majority Owner, to Split In Two
SoftBank today revealed a plan to separate itself into two separate companies, one for its Japan-based carrier business and another for its international operations, including Sprint. SoftBank's domestic business unit, which includes investments in Yahoo Japan, will be run by Ken Miyauchi.
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.