NEW YORK (TheStreet) -- Shares of DISH Network Corp. (DISH - Get Report) are are down -2.63% to $57.80 after Verizon Communications Inc. (VZ - Get Report) CEO Lowell McAdam said the company is not in talks to acquire DISH, according to Bloomberg.
"There's reports out there that we're talking to Dish, but I can tell you that's somebody's fantasy," McAdam said today at the JPMorgan Global Technology, Media and Telecom Conference in Boston. "There have not been any discussions and there aren't any discussions with Dish."
Speculation that Verizon would bid for Dish followed a wave of consolidation in the pay-TV industry. Verizon completed a $130 billion buyout of Vodafone Group Plc's (VOD) stake in its wireless venture this year, Bloomberg reports"People say, 'well don't you have to do a merger?'" McAdam said. "Well I just did a $130 billion merger. We want to pay that off. I don't feel the need to do anything else at this point."