Dish Network stock up on plans to sell wireless on Amazon

Yahoo Finance markets contributor Remy Blaire joins the Live show from the floor of the NYSE to discuss a rise in Dish Network shares after reports that Dish plans to sell phone plans through Amazon.

Video Transcript

- Well, shares of Dish Network getting a big lift today on reports the company is in talks to sell its phone plans on Amazon. Yahoo Finance contributor Remy Blaire joins us from the floor of the New York Stock Exchange with the details. Remy.

REMY BLAIRE: Well, Dish Network shares are higher in the session and heading into the close. On this Thursday afternoon, we are seeing shares holding on to most of the session gains. Now, as you mentioned, according to a Wall Street Journal report, the pay-TV and wireless company is in talks to sell mobile wireless plans through Amazon.

The Journal report says that Dish and Amazon have been discussing an arrangement that would boost the rollout of Dish Network's 5G network, and that these plans could be announced as soon as June. The Journal report also says that the new phone plans could be sold through Amazon's US website, but that financial terms of this deal do remain elusive.

On the heels of that report we saw shares of Dish Network, which have been embattled this year, trek higher and pop above that $7 a share level. Now, keep in mind that Dish is currently a customer of Amazon's cloud computing services, and earlier this year, Dish Network was hit by a cybersecurity attack. It did face challenges with back office problems since that ransomware attack.

And back in the summer of 2020, Dish did complete its acquisition of Boost Mobile for $1.4 billion from Sprint, and that deal was part of the government approval process for T-Mobile and Sprint's merger. Ahead of the closing bell we are seeing Amazon shares trade lower off by about 1% on the session.

- All right. Remy Blaire there at the New York Stock Exchange. Thanks so much for that.