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Communications Services Flat as Sprint Rallies on Deal Clearance -- Communications Services Roundup

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02/11/2020 | 05:21pm EDT

Communications services companies were flat as one carrier received a huge lift from an antitrust clearance.

Shares of Sprint surged by more than 70% after a U.S. federal judge unexpectedly cleared its acquisition by T-Mobile U.S. U.S. District Judge Victor Marrero concluded the deal, worth $26 billion when it was struck two years ago, wasn't likely to substantially lessen competition, and rejected the main arguments by a group of states seeking to block the deal as anticompetitive.

The deal development weighed on shares of Verizon, as the combined company will control a deep reserve of airwaves that the carriers are competing for as part of 5G network plans.

Vice Media Group is under pressure to repay commitments to private-equity firm TPG invested $450 million, valuing Vice at $5.7 billion, far higher than any Vice rivals.

Write to Rob Curran at rob.curran@dowjones.com

 

Stocks mentioned in the article
ChangeLast1st jan.
T-MOBILE US -2.38% 82.4 Delayed Quote.7.64%
VERIZON COMMUNICATIONS -0.85% 54.8 Delayed Quote.-13.81%
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