Communications Services Down Amid Trade Concerns -- Communications Services Roundup
Communications-services companies fell as traders rotated out of a sector sensitive to trade negotiations. President Donald Trump is weighing an executive order that could ban Chinese telecommunications gear from U.S. networks, but the plan is facing resistance from U.S. carriers in rural areas whose networks run on Huawei Technologies equipment, as reported earlier. Gannett reiterated its opposition to a $1.4 billion takeover proposal from hedge-fund backed newspaper chain Digital First Media inadequate after meeting with representatives from the firm last week. Reddit, the discussion and news forum known for its "ask me anything" online town halls with celebrities and politicians, was valued at $3 billion after a new financing round that brought in Chinese internet giant Tencent Holdings as an investor, according to a person familiar with the deal.
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