Shares of Cell Carriers Fall After Report on Amazon Talks to Offer Mobile Phone Service -- Update
By Will Feuer
Shares of major cellular carriers Verizon Communications,
AT&T and T-Mobile US fell after a report said Amazon.com is in
talks with carriers about offering low-cost or free nationwide
mobile phone service to Amazon Prime subscribers.
Following the article from Bloomberg, Verizon said it isn't in
talks with Amazon for the resale of Verizon's wireless network and
T-Mobile said it isn't in talks with Amazon to add its wireless
plans to Amazon's Prime service. AT&T declined to comment.
Shares of the big carriers rose off their lows for the day after
releasing statements and amid a broad market rally.
Verizon stock fell 3.1% to $34.61 in afternoon trading, while
shares of AT&T and T-Mobile fell 4.3% and 6.5%,
Bloomberg reported earlier Friday that Amazon is negotiating
with Verizon, T-Mobile and Dish Network to get the lowest possible
wholesale prices to offer Prime members wireless plans for $10 a
month or possibly for free. Amazon's talks with cellular carriers
have been going on for six to eight weeks and also have included
AT&T at times, Bloomberg said, but the mobile service plans may
take several more months to launch and could be scrapped.
"We are always exploring adding even more benefits for Prime
members, but don't have plans to add wireless at this time," said
Bradley Mattinger, an Amazon spokesperson.
Shares of Amazon rose 1.8% to $125.01 in afternoon trading
Dish stock jumped more than 18% to $7.43 in afternoon
The Wall Street Journal reported last week that Dish also was in
talks to sell wireless plans through Amazon's U.S. website, a move
that could help Dish roll out its 5G network.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
June 02, 2023 13:33 ET (17:33 GMT)
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