DISH Network (DISH) surges 20% on report it plans to sell wireless plans via Amazon

May 25, 2023 9:20 AM EDT

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Dish Networks (NASDAQ: DISH) surged about 19% in pre-market Thursday after the Wall Street Journal reported the company has been discussing the possibility of selling wireless plans for its mobile phone service via Amazon (NASDAQ: AMZN).

Such a deal, if agreed, would provide a lifeline for the embattled satellite company. The deal could be announced next month, the WSJ report added.

Regulators told Dish that it has until June 14 to meet certain network coverage milestones. The company has spent billions of dollars on building its wireless business.

Dish hopes that the Amazon partnership will allow it to challenge rival cellphone carriers, such as AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS).

Shares of all three carriers are down on Thursday on the WSJ report.

By Senad Karaahmetovic

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Senad Karaahmetovic