Are There Any Small U.S. Carriers Left to Buy?

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July 15 (Bloomberg) -- BTIG Technology Media and Telecom Analyst Walter Piecyk discusses the wireless battle over spectrum Erik Schatzker on Bloomberg Television's "Market Makers." (Source: Bloomberg)

We have a telecom analyst to talk about all of that.

The way you calculated it, at&t is paying much more.

The headline is just for the stock.

They are assuming that not only the debt that exists, there are these power lease obligations that they are going to have to pay out over the years.

They will probably accelerate that.

We have been trading at $17 per share.

The shareholders get $15 in cash but they also get it in spectrum.

That spectrum has some issues.

It has some interference with broadcasters, there have not been a lot of buyers for it.

They only get $1.25 on top of the deals for cash.

Why is at&t doing this?

We know they wanted to buy t- mobile but this is hardly t- mobile.

I am not sure why they are paying this much money.

It could complicate their abilities to buy dish, which is a much more valuable asset for them in the future.

All of dish?

Collects it is valuable not only because of the spectrum but because of the battle they have.

It could take the capacity away from movers and allow them to do more things area what about the whole pre-paid phone business?

Is that something at&t wants?

Collects it is only 5 million customers.

They probably could use a couple million dollars and extracted those customers with better rate plans.

Where there alternatives to at&t? collects there is a short -- aids shortage of spectrum.

Verizon came in and bought all the spectrum from the cable companies.

There is just not a lot of spectrum ( who else is there left?

Collects there is dish.

And there is u.s. cellular.

You are talking about small slivers of spectrum.

At&t need to spectrum in new york city and san francisco and places where are actually using the product.

There have been a lot of deals, softbank buying one, metro pcs and t-mobile combining.

It looks like we are down to four major carriers here.

Does that mean our cell phone bills are going to go up?

They have already gone up because the government prevented at&t from biting t- mobile.

They may be more consolidation.

The government may allow t- mobile to emerge.

I think right now these guys are going to be perceived as challengers.

The government wants competition in the market.

The strength of at&t and verizon has only gone up since you had the sec under obama and jenna ken nitkowski and office.

They want for guys.

I think they will prevent t- mobile and sprint from urging.

If at some point these guys -- something goes horribly wrong, maybe they will be able to clean each other up.

Can those to compete right now with at&t and verizon hackel -- and verizon?

They are offering some new aggressive upgrade lands.

They are going to come out with a phase three of that program.

Sprint is going to build out this clear wire spectrum.

They will try their best.

The challenge though is that you have at&t and verizon that have such a large share of subscribers and profits.

Is the most interesting thing going on right now the conversation that the lawyers of t-mobile and at&t are having with the sec over when and under what terms they might be able to consolidate further?

It is a big left and have.

We are getting a new commissioner.

The real issue is the doj.

They were a problem during the at&t and t-mobile transaction.

There are people that think at&t may not be able to survive the leaps and this person is perceived as an aggressive and.

We will see how that plays out area if you could provide we did reject the most militant -- the next multimillion dollar transaction, what will it be?

At&t should be buying dish.

If there is a scarcity of spectrum then maybe verizon needs to take a look at buying dish.

All of these operators use more mobile video and there is a limited amount of spectrum.

Dish has a very strong asset, not only in the spectrum it has but also the satellite to deliver pay-tv service.

Is the spectrum with the broadcasters or is there any valuable spectrum the government could auction?

There was a bankruptcy court hearing in which they are trying to block the spectrum.

There are little pieces here and there.

The government loses all the spectrum.

They do not typically get that spectrum away easily.

It is good to see you.

This text has been automatically generated. It may not be 100% accurate.

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