Shares of Cell Carriers Fall After Report on Amazon Talks to Offer Mobile Phone Service
By Will Feuer
Shares of major cellular carriers Verizon Communications,
AT&T and T-Mobile US fell after a Bloomberg report said
Amazon.com has been talking with wireless carriers about offering
low-cost or free nationwide mobile phone service to Amazon Prime
Verizon stock fell 5% to $33.95, while shares of AT&T and
T-Mobile fell 5.9% and 6.8%, respectively, in premarket trading
Bloomberg reported earlier Thursday that Amazon is negotiating
with Verizon, T-Mobile and Dish to get the lowest possible
wholesale prices to offer Prime members wireless plans for $10 a
month or possibly for free, the outlet said, citing people familiar
with the situation.
Amazon's talks with cellular carriers have been going on for six
to eight weeks and have also included AT&T at times, Bloomberg
said, but the mobile service plans may take several more months to
launch and could be scrapped.
Shares of Amazon rose 1.5% to $124.64 in the premarket session
The Wall Street Journal reported last week that Dish was also in
talks to sell wireless plans through Amazon's U.S. website, a move
that could help Dish roll out its 5G network.
Shares of Dish Network rose 8.9% to $6.84 in premarket trading
Verizon, AT&T, T-Mobile, Dish and Amazon didn't immediately
respond to requests for comment from Dow Jones.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
June 02, 2023 09:37 ET (13:37 GMT)
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