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Verizon in merger talks with Dish

Friday, June 20 17:12:29

Verizon Wireless wants to buy satellite-TV operator Dish Network's spectrum to improve wireless internet speeds, the New York Post reported, citing sources.

Dish's shares were up 3.4 percent at $61.81 on the Nasdaq today. Verizon Communications shares were little changed at $49.39.

The two companies have held informal, early talks about the spectrum, the report said.

Verizon Wireless is a unit of Verizon Communications. In May, Verizon Communications Chief Executive Lowell McAdam dismissed rumours that the company was in potential merger talks with Dish.

Federal Communications Commission Chairman Tom Wheeler has proposed restrictions on how much the biggest wireless carriers can bid for in a major auction of TV spectrum scheduled for mid-2015.

A possible merger between Sprint Corp and T-Mobile US could prompt U.S. regulators to rewrite rules they are now considering for the auction. (Reuters)