Verizon in talks to buy EchoStar wireless spectrum, Bloomberg News reports

(Reuters) -U.S. telecom company Verizon Communications is in discussions with EchoStar about purchasing some of its wireless spectrum, Bloomberg News reported on Monday, citing people familiar with the matter. The discussions involve the satellite communications firm's AWS-3 licenses, valuable for carrying 5G wireless signals, the report said. If the deal goes through, Verizon would join AT&T and SpaceX as buyers of EchoStar's wireless spectrum licenses, according to Bloomberg. Earlier this month, EchoStar said it expects to hold $24.1 billion in cash after using spectrum sale proceeds to repay debt, further strengthening its balance sheet and supporting growth across wireless, satellite and tech. The company started selling certain assets after the U.S. Federal Communications Commission raised concerns over its compliance with spectrum buildout rules and use of mobile-satellite service spectrum. EchoStar's regulatory filing values its AWS-3 spectrum at a "carrying amount" of $9.8 billion, according to the report. Another part of it is set to be auctioned off by the federal government next year. (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Alan Barona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)