Telefonica CEO Jose Maria Alvarez-Pallete said the deal would be a 'game-changer in the U.K.'
-owned Sky. BT CEO called the merger a "sensible move" that "follows our strategy" of converging fixed and wireless broadband networks.
"Neither company is immune to the driving need for a converged network and services," Pescatore added. "This is the next battle ground in the U.K." Shares of Telefonica were up more than 1% during morning deals, while BT stock slumped over 7%. BT announced on Thursday that it would scrap all dividend payments until 2022 to manage through the coronavirus crisis.
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