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COMCAST CORPORATION

(CMCSA)
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T-Mobile, Dish bid combined $14 billion in U.S. airwaves auction: FCC

04/13/2017 | 05:02pm EDT
People pass by a T-Mobile store in the Brooklyn borough of New York

NEW YORK (Reuters) - T-Mobile US Inc (>> T-Mobile Us Inc) bid $8 billion and Dish Network Corp (>> DISH Network Corp) $6.2 billion to win the bulk of broadcast airwaves spectrum for sale in a government auction, the U.S. Federal Communications Commission said on Thursday.

NEW YORK (Reuters) - T-Mobile US Inc (>> T-Mobile Us Inc) bid $8 billion and Dish Network Corp (>> DISH Network Corp) $6.2 billion to win the bulk of broadcast airwaves spectrum for sale in a government auction, the U.S. Federal Communications Commission said on Thursday.

The two carriers accounted for most of the $19.8 billion in winning bids, the FCC said. Comcast Corp (>> Comcast Corporation) agreed to acquire $1.7 billion in spectrum, AT&T Inc (>> AT&T Inc.) bid $910 million and investment firm Columbia Capital offered $1 billion.

The FCC said 175 broadcast stations were selling airwaves to 50 wireless and other telecommunications companies. Companies plan to use the spectrum to build new networks or improve existing coverage.

The spectrum auction's end is widely expected to kick off a wave of deal-making in the telecom industry. Until now, companies participating in the auction have been restrained by a quiet period, but that will end after April 27, when down payments are due from auction winners.

T-Mobile said its $8 billion winning bid would enable it "to compete in every single corner of he country." The company, controlled by Deutsche Telekom AG (>> Deutsche Telekom AG), said the investment will quadruple its low-band holdings.

Verizon Communications Inc (>> Verizon Communications Inc.) and Sprint Corp (>> Sprint Corp) opted not to bid.

“What is most interesting to us was (Verizon) was nowhere to be found,” Jennifer Fritzsche, an analyst at Wells Fargo, said in a research note, adding that "we continue to believe Verizon’s interests lay in the higher band spectrum assets."

Craig Moffett, an analyst at MoffettNathanson, said in an email that there were three surprises in the results: “Comcast bought less than expected, Dish Network bought more, and Verizon bought nothing at all."

Dish shares fell 2.5 percent to close at $62.38. Comcast, Verizon and AT&T were down less than 1 percent at market close while T-Mobile rose marginally.

Moffett said Dish’s spectrum spending underscored "the growing importance of the company’s valuation as it relates to their spectrum holdings."

Comcast sold spectrum from three of its NBCUniversal owned stations in New York, Philadelphia and Chicago for $481.6 million.

The FCC also announced new channel assignments for 957 non-winning stations that must change channels to clear the new wireless airwaves for use.

Of the $19.8 billion bid, more than $7 billion will go to reduce the U.S. deficit and $10.05 billion to broadcasters relinquishing spectrum. Up to $1.75 billion will go to broadcasters that incur costs in changing channels.

Sellers had initially sought $86.4 billion for 126 megahertz. Many analysts had expected broadcasters to earn more and sell more spectrum.

(Editing by Steve Orlofsky and Tom Brown)

By David Shepardson and Anjali Athavaley


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AT&T INC. 0.07% 28.2 Delayed Quote.-1.95%
CHANGE INC. -0.48% 2684 End-of-day quote.-23.86%
COMCAST CORPORATION -0.24% 58.56 Delayed Quote.12.02%
DEUTSCHE TELEKOM AG 0.01% 17.836 Delayed Quote.19.26%
DISH NETWORK CORPORATION 0.40% 42.87 Delayed Quote.32.56%
LETS HOLDINGS GROUP CO., LTD. -2.44% 6.41 End-of-day quote.-17.61%
SPRINT CORPORATION 0.00%End-of-day quote.0.00%
T-MOBILE US -0.10% 144.82 Delayed Quote.7.39%
VERIZON COMMUNICATIONS 0.75% 56.2 Delayed Quote.-5.06%
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Financials (USD)
Sales 2021 113 B - -
Net income 2021 12 297 M - -
Net Debt 2021 87 059 M - -
P/E ratio 2021 22,2x
Yield 2021 1,70%
Capitalization 269 B 269 B -
EV / Sales 2021 3,14x
EV / Sales 2022 2,91x
Nbr of Employees 168 000
Free-Float 83,2%
Chart COMCAST CORPORATION
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Comcast Corporation Technical Analysis Chart | CMCSA | US20030N1019 | MarketScreener
Technical analysis trends COMCAST CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 37
Last Close Price 58,56 $
Average target price 64,87 $
Spread / Average Target 10,8%
EPS Revisions
Managers and Directors
Brian L. Roberts Chairman, President & Chief Executive Officer
Michael J. Cavanagh Chief Financial Officer
Jeff Votaw Vice President-Engineering
Candy Lawson Chief Compliance Officer & Senior Vice President
Karen Dougherty Buchholz Executive Vice President-Administration
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