What's Next for Frontier Wireless?

So, who controls Frontier Wireless, the entity that won portions of that 700 MHz spectrum during a recent auction at the Federal Communications Commission?

That's easy: DISH Network. But that status could change, stated one Wall Street observer.

Jason Bazinet of Citi Investment Research said a switch of Frontier Wireless assets from DISH Network to the spun-off EchoStar entity cannot ruled out. "Indeed, this would be more consistent with our investment thesis - that DISH is sold to AT&T. However, there can be no assurance that such a transfer will occur," the analyst said in a note.

Blair Levin of Stifel Nicolaus said DISH could use the spectrum for improving existing services, including a return path or to increase capability for high-def local TV. Also, DISH may be interested in providing a mobile video service that could be bundled with its at-home product, Levin said.

At the FCC's 700 MHz auction, Frontier Wireless won 168 licenses in the E Block. The entity's bids totaled $711 million, and the licenses won represent coverage of 76 percent of the U.S. population.