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Dish Network bids $1.375B for bankrupt TerreStar Networks

Dish Network Corp. (DISH) has submitted a $1.375 billion cash bid for TerreStar Networks Inc. in a bankruptcy auction, according to Reuters. Among other assets, TerreStar holds wireless spectrum.
Dish was competing for the opening bid against MetroPCS Communications Inc. (PCS) and a group of senior noteholders.
Under terms of the bid, TerreStar may obtain competing bids until June 27. A court-supervised auction is set to occur on June 30. Dish Network also recently acquired Blockbuster Inc. through the bankruptcy process.

ABOUT AUTHOR

Matt Kapko
Matt Kapko
Former Feature writer for RCR Wireless NewsCurrently writing for CIOhttp://www.CIO.com/ Matt Kapko specializes in the convergence of social media, mobility, digital marketing and technology. As a senior writer at CIO.com, Matt covers social media and enterprise collaboration. Matt is a former editor and reporter for ClickZ, RCR Wireless News, paidContent and mocoNews, iMedia Connection, Bay City News Service, the Half Moon Bay Review, and several other Web and print publications. Matt lives in a nearly century-old craftsman in Long Beach, Calif. He enjoys traveling and hitting the road with his wife, going to shows, rooting for the 49ers, gardening and reading.