The FCC head plans to recommend approval of the Sprint-T-Mobile deal, which means it may be harder for Dish to find a spectrum partner.
to a $26.5 billion deal. Pai wrote that the companies have have made commitments that would "substantially advance" the FCC's objectives of bolstering connectivity in rural America and advancing development of 5G technology in the U.S.
The further consolidation of the wireless industry is a problem for Dish because much of the company's value is wrapped up in the wireless spectrum that it's spent aboutin recent years in preparation for 5G. Dish, whose primary business is delivering satellite TV, has no history of building its own wireless network and has failed to find a suitor for its assets.
Dish is under pressure to make use of a good chunk of its spectrum by March 2020 or risk having it yanked by the FCC. The company has tried to convince regulators that it is proceeding with a minimum build and has a detailed plan in place, but the FCC isn't convinced and has pushed back against Dish's proposals.
Jeffrey Wlodarczak, an analyst at Pivotal Research Group, downgraded his rating on Dish to "hold" from "buy" on Monday after Pai's comments. Wlodarczak said that were the Sprint-T-Mobile deal to fall apart, it could have set up a bidding war for Dish's spectrum betweenA Dish Network Corp. field service specialist installs a satellite television system at a residence in Downey, California.
Even after Monday's drop, Dish shares are still up 33% in 2019. But the longer-term trend is down. Dish has lost about half its value in the past two years because of its deteriorating core business and a view among investors that it loaded up on debt for spectrum assets that would be difficult to monetize.
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