UPDATE 2-Verizon entry could be "catastrophic", says Quebecor CEO

Thu Aug 8, 2013 3:52pm EDT
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* Verizon entry could leave new entrants empty handed: CEO

* Quebecor seeks amendment of current auction rules

* Second-qtr adj earnings per share C$0.85 vs est C$0.88/share

* Telecom rev up 5 pct, rev at media business falls 10 pct

By Bhaswati Mukhopadhyay

Aug 8 (Reuters) - Canadian media and telecom conglomerate Quebecor Inc said the potential entry of Verizon Wireless into the the country's wireless market could be "catastrophic" for regional operators looking to expand.

Verizon's entry would radically alter the outcome of the current auction rules, Quebecor Chief Executive Robert Depatie said in a post-earnings conference call.

Canada's wireless industry is bracing for its biggest shakeup in decades as Verizon Wireless, the biggest U.S. mobile service provider, prepares to bite into the lucrative market that has been dominated by three big domestic players.

Rogers Communications Inc, Telus Corp and BCE Inc's Bell cater to 90 percent of Canada's wireless subscribers.   Continued...