(Bloomberg) — The Federal Communications Commission moved toward controlling a lucrative airwaves sale in a public auction rather than letting Intelsat SA and SES SA conduct a private sale of the frequencies.The plan, which could slash the satellite companies’ payout by billions of dollars, was announced by FCC Chairman Ajit Pai in a tweet.Intelsat plunged as much as 30% on the news. Shares were down 11% to $11.99 at 12:10 p.m. in New York. Intelsat was the biggest decliner on the Russell 2000 Index.Pai said the sale should free airwaves for 5G wireless use, do so quickly and generate revenue …read more
Source:: Yahoo Finance
