This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Dish Offers to Buy Sprint for $25.5 Billion: Ahead of the Ticker

NEW YORK (TheStreet) -- Dish Network (DISH) is offering to buy Sprint Nextel (S) for $25.5 billion. The offer beats a current bid of $20 billion for the company from Japan's Softbank.

Dish is offering $17.3 billion in cash and $8.2 billion in stock. Sprint shareholders would receive the equivalent of $7 a share, based on Dish's closing price on Friday. Dish calls its bid a "13% premium to the value of the existing SoftBank proposal."

SoftBank made its offer for a 70% stake in the company six months ago. U.S. regulators are currently reviewing the bid.

According to Dish Chairman Charlie Ergen, the company hopes to broaden its business by offering integrated bundle packages through the acquisition.

The company believes the deal would generate about $11 billion in cost savings.






In other news, Citigroup (C) reported first-quarter earnings that beat analysts' expectations.

Citigroup reported a 31% rise in first-quarter profit on revenue growth in its securities and investment banking division.

The company reported net income of $3.8 billion, or $1.23 per share, for the quarter, up from $2.9 billion, or 95 cents per share, a year ago.

Analysts had been expecting earnings of $1.17 per share before accounting adjustments.

This was the company's first full quarter under Chief Executive Michael Corbat.

In a statement, Corbat said, "Achieving consistent, high-quality earnings is one of my top priorities and these results are encouraging. During the quarter, we benefited from seasonally strong results in our markets businesses, sustained momentum in investment banking, continued year-over-year growth in loans and deposits in Citicorp, and a more favorable credit environment."

Excluding accounting adjustments, net income rose to $4 billion, or $1.29 per share, in the quarter, from $3.4 billion, or $1.11 per share, a year ago.

Total revenue rose 6% in the quarter, though revenue in North America fell to $5.1 billion from $5.2 billion in the same quarter a year ago.

Corbat acknowledged difficulties the bank still faces, saying, "The environment remains challenging and we are sure to be tested as we go through the year."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs