"Will Amazon come in [to the wireless market] at some point in the day?" Legere asked. Additionally, Legere observed that Dish has "good content and spectrum," references to the company's Sling TV online cable TV offering and the portfolio of wireless spectrum that the company has acquired in recent years. (The T-Mobile CEO also wondered out loud whether Alphabet Inc.'s (GOOGL) and Apple (AAPL) will ultimately enter the wireless business.)
TMF's Farrar said that Dish and T-Mobile held similar talks with Google last year, but that the valuation of Dish's wireless spectrum and competing strategic issues for Google as it partnered with Verizon to be the exclusive U.S. seller of its Pixel phones prevented a deal. Those talks could have been an effort by Dish to spur Verizon into bidding for its spectrum, Farrar noted.
Meanwhile, Verizon's reported pursuit of wireless spectrum and IP holding company Straight Path (STRP) could indicate it is less interested in Dish and its spectrum. Management of the telecom has played up its interest in network technology that would reduce its need for a large spectrum portfolio.
"Nowadays it looks like Verizon needs Ergen's spectrum less," Farrar said. "He may not be able to use this as leverage."
Farrar explored the strategic rational for Amazon and Dish in a recent blog post. "Amazon could use the capacity not only for in-home services such as Echo, but also to support other activities such as drone deliveries, while Dish could provide wireless service built around Sling TV, as well as fixed wireless broadband if desired," Farrar wrote.
While Dish declined to comment, the company holds its first-quarter earnings call at noon on Monday. Charlie Ergen will certainly receive questions about the expiration of the quiet period and Dish's ambitions. T-Mobile and Amazon did not immediately respond to queries.
Farrar also noted some recent circumstantial evidence that could point to talks between Legere and Ergen.
On Wednesday, the day before the FCC quiet period expired, Legere tweeted a picture from the window of an airplane captioned "Goodbye Seattle...next stop Denver, Colorado!" T-Mobile is based near Seattle while Dish is in the Denver area.
Alphabet, Apple and Comcast are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.
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