Nextel Communications Inc

Nextel Communications Inc. offered to pay an additional $362 million to clear some local-TV operations from airwaves the company wants as part of a plan to cut interference between police radios and mobile phones. The amount is in addition to $850 million Nextel has offered to pay to reprogram radios for police and other users that would switch frequencies to a different part of the radio spectrum. The Reston, Va.

Antitrust authorities are investigating the market for walkie-talkie-type telephone service dominated by Nextel Communications Inc., a source familiar with the probe said. The Justice Department has requested documents from some telecommunications companies regarding competition in the "push-to-talk" business, one source said. Nextel spokeswoman Audrey Schaefer confirmed that the Reston, Va.-based company had received a request for information from Justice, but would not provide details.

A consumer group sued Nextel Communications Inc. on Tuesday, alleging that the mobile phone company's new statements hide details on calls to avoid billing disputes and boost revenue. The lawsuit by the Foundation for Taxpayer and Consumer Rights claims that Nextel's new billing statements, mailed this month, discourage customers from learning about charges for calls or messages they didn't make or deleted without reading -- unless they pay $2.50 a month for the details.

How does Nextel Cup racing sound? Nextel, a wireless communication company, is expected to be named Thursday to replace Winston as title sponsor of NASCAR's premier stock car racing circuit at the end of the season. The announcement will be made at a "major" news conference scheduled by NASCAR in New York City's Times Square. The Winston Cup, and its R.J. Reynolds Tobacco Co. sponsorship, has been the flagship of NASCAR for 31 years and last year signed a five-year extension.

Craig McCaw is relinquishing control of Nextel Communications Inc., the company he helped build into the fifth-biggest provider of mobile-phone service in the U.S. McCaw, 53, will reduce his stake in Nextel to less than 5% from more than 10%, losing the right to three of 11 board seats. Shares of Reston, Va.-based Nextel shares slipped 42 cents, or 3.3%, to $12.47 on Nasdaq.

Nextel Communications Inc. posted a profit for the second straight quarter in a highly competitive wireless telephone industry on strong demand. Nextel said it was helped by increased business from the construction and government sectors, lower capital spending and outsourcing customer service and computer operations. Reston, Va.-based Nextel reported net income of $383 million, compared with a loss of $150 million in the same quarter a year ago. Shares of Nextel, the No. 5 U.S.

Two big telecommunications firms said Monday that they will meet or beat financial forecasts for this year despite a continuing deterioration in the industry. Verizon Communications Inc., the biggest local telephone company, reaffirmed its 2002 outlook, saying it will earn $3.05 to $3.09 a share this year on revenue that will be flat or decline by 1%. Nextel Communications Inc.

An inmate impersonating Hollywood executives from a jail telephone duped Nextel Communications Inc. out of more than 1,000 cell phones for fake movie shoots, prosecutors in White Plains, N.Y., said last week. James Sabatino, 25, was charged in federal court with making interstate phone calls from the Westchester County Jail to defraud the cell phone company of more than $1 million.

Wireless provider Nextel Communications Inc. provided a rare dose of good news for the telecommunications industry Tuesday, surprising investors with its first quarterly profit and a higher full-year earnings estimate. Nextel's second-quarter report sparked a 31% jump in the company's stock and elevated wireless stocks in general, boosting the shares of AT&T Wireless Services Inc. and Leap Wireless Inc. On Nasdaq, Nextel shares rose $1.53 to $6.53, and Leap was up 37 cents to $1.50.

Nextel Communications, the wireless-telephone company controlled by Craig McCaw, reported a third-quarter loss that was an 18% improvement over last year, helped in part by a one-time accounting gain and a 30% increase in revenue. The telecommunications company reported a loss of $150 million, or 27 cents a share. In the year-earlier period, it had a loss of $184 million, or 31 cents a share. The report was slightly better than what analysts had expected.