Negotiating Dish/T-Mobile No Slam Dunk, Moffett Says

A T-Mobile/Dish Network merger would hardly be a surprise, but coming to terms won’t be easy, Craig Moffett, analyst at MoffettNathanson, said Friday. “Both companies have shamelessly and repeatedly expressed their mutual admiration in recent months,” Moffett wrote investors. “But you’ll forgive us if we’re a bit skeptical. Getting from what sounds like a vaguely sensible combination of two pools of similar spectrum to a workable valuation framework for a mutually-agreeable deal is likely to be very, very hard.” Moffett said the merger wouldn't be about bundling satellite TV with a wireless offering or wirelessly delivering Sling TV. “Neither idea holds any water,” he said. “A combination between the two would be a grand spectrum transaction and nothing more.” Any such deal is seen getting U.S. approval (see 1506040051).