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Dish Network abandons bid for Sprint

5:50 PM, Jun. 21, 2013  |  Comments
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Dish Network Corp. said Friday it has abandoned its pursuit of Sprint Nextel Corp., clearing the path for Sprint's $21.6 billion deal with SoftBank Corp.

Dish's announcement did not end the company's quest to acquire shares of Clearwire Corp., Sprint's wireless network partner that has agreed to merge with Sprint.

In a filing Friday with the Securities and Exchange Commission, Dish did not give an explanation for its decision to drop its bid for Sprint.

On Tuesday, the company said that a new agreement between Sprint and Tokyo-based SoftBank made a Dish offer "impractical" for the satellite television company. The agreement made it more difficult for Sprint to declare any rival bids superior to SoftBank's deal.

Dish has an offer to buy Clearwire shares directly from investors for $4.40 a share.

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If you've ever answered "Who has the ball?" with "It's halftime," you might recognize The Airhead. Check out the characters in our cartoon gallery of oddball fans.

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