Ajit Pai Brad Quick | CNBC
PUBLISHED MON, NOV 18
The Federal Communications Commission (FCC) announced on Monday that it will publicly auction off a valuable telecommunications asset, in a move investors viewed as a blow to U.S. satellite communications provider Intelsat.
Shares of Intelsat dropped 40% in heavy trading volume after FCC Chairman Ajit Pai said in a tweet that his agency “must free up significant spectrum” for 5G telecommunications. The FCC told CNBC that it expects an auction to happen “before the end of 2020.”
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