Communication Services Companies Drop As Oversight Grows -- Communications Services Roundup

Dow Jones06:18

Communications services shares traded lower on concerns about increases in antitrust investigations on the sector's largest companies.

SiriusXM Radio will have to change its cancellation practices in New York state after a court said it created a burdensome procedure for consumers and subscribers, according to New York Attorney General Letitia James. The ruling, issued by Justice Lyle Frank of the New York Supreme Court in New York County, said the audio platform part of SiriusXM Holdings violated the federal Restore Online Shoppers' Confidence Act. Specifically, SiriusXM Radio created hurdles around cancellation that were more complicated than the sign-up process.

DirecTV has decided to walk away from its proposed merger with rival Dish Network, abandoning a tie-up that the two satellite-TV companies have attempted several times. DirecTV said that it informed Dish owner EchoStar it plans to scrap the deal at 11:59 p.m. ET Friday. The decision came after a rebuke from bondholders representing about $10.7 billion of debt in Dish and its DBS subsidiary. The broader tie-up depended on the creditors' approval.

The European Union's competition watchdog closed an investigation into how Apple treats rival audiobook developers in its App Store. The European Commission said it dropped a probe that began in 2020 after a rival developer withdrew its own complaint. The regulator examined whether Apple broke EU antitrust laws by forcing developers to use its own in-app purchase software and stopping them from advertising better deals outside of the App Store.

Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

November 22, 2024 17:18 ET (22:18 GMT)

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Communication Services Companies Drop As Oversight Grows -- Communications Services Roundup

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