PARIS — SES Chief Executive Steve Collar on April 27 sought to dial down — way down — Wall Street expectations of a cash windfall to SES and Intelsat flowing from their proposal to share C-band spectrum with terrestrial wireless networks.

The current proposal, to have SES and Intelsat cede 100 MHz of C-band spectrum in the United States to 5G mobile operators in return for financial compensation, is already more complicated than most people imagine, Collar said.

It would become far more complicated — and costly and time-consuming — if . . .

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