Satellite

Dish Network’s month-long attempt to acquire Sprint Nextel moved a step forward Monday after the wireless giant said it had received a waiver of various provisions in its merger agreement with Softbank that would allow it to conduct due diligence discussions with the satellite TV service provider.

Dish Network chairman and CEO Charlie Ergen told analysts Thursday that given the choice between a merger with No. 1 satellite television service provider DirecTV and the current object of his affection, Sprint-Nextel, he would select the wireless carrier.

DirecTV reported stronger than expected first quarter results Tuesday, driven by continued robust growth at its Latin American operations and a steady showing in the United States.

DirecTV added a total of 604,000 net new subscribers in the period, the bulk of that growth (583,000) occurring in Latin America. But analysts were also encouraged by steady growth in the U.S. – the 21,000 domestic net new additions were only slightly below consensus estimates of 25,000 additions, and revenue and cash flow growth soundly beat predictions.

Sprint said Monday that it has formed a special committee of independent directors to evaluate Dish Network’s unsolicited $25.5 billion offer to acquire the wireless giant.

Charlie Ergen finally answered all the speculation surrounding his recent moves to acquire giant piles of cash on Monday, launching an unsolicited $25.5 billion bid for wireless giant Sprint Nextel.

In a statement issued early Monday morning, Dish said it would offer $7 per share in cash and stock for the third largest wireless player in the U.S., consisting of $4.76 in cash and stock (0.059 Dish shares per Sprint share) representing about 32% in the combined company.