U.S. regulators will review a $3 billion discount claimed by Dish Network Corp and partners including investment management company BlackRock Inc during a U.S. government wireless spectrum auction that ended this week. In a relatively common process for Federal Communications Commission auctions, Dish and partners invested in separate companies with little to no revenue that can receive a 25 percent discount in auction bidding.The FCC will now scrutinize the details of legal and financial ties of those separate companies to Dish and other corporations, aiming to make sure the airwaves will be used to compete against Verizon Communications Inc, AT&T Inc and others instead of turning the winnings over to incumbents."From a Dish perspective, they just created $3.3 billion worth of value," said Jonathan Chaplin at New Street Research. "Now we will see if they get away with it or not."The companies spent $13.3 billion at the auction but provisionally received a $3.3 billion discount, results showed on Friday. The government gives the discounts with the goal of helping new entrants to the industry better compete with incumbents.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK fell by 1.85% or $-6.43/share to $340.51. In the past year, the shares have traded as low as $284.78 and as high as $368.64. On average, 521705 shares of BLK exchange hands on a given day and today's volume is recorded at 663236.
DISH Network Corporation, is a pay-television (TV) provider, with approximately 14. Shares of DISH fell by 4.26% or $-3.13/share to $70.35. In the past year, the shares have traded as low as $54.31 and as high as $79.57. On average, 2344690 shares of DISH exchange hands on a given day and today's volume is recorded at 8326770.
AT&T Inc. (AT&T) is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 0.12% or $-0.04/share to $32.92. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 25136400 shares of T exchange hands on a given day and today's volume is recorded at 56280900.
Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ fell by 0.87% or $-0.4/share to $45.71. In the past year, the shares have traded as low as $45.09 and as high as $53.66. On average, 16934600 shares of VZ exchange hands on a given day and today's volume is recorded at 22768004.
Source
