December 19, 2007 |
Sprint Nextel Corp. named Dan Hesse, chairman and chief executive of wire line company Embarq Corp., its new president and CEO. Hesse, who has led Overland Park, Kan.-based Embarq since Sprint spun it off as a separate company a year and a half ago, replaces Gary Forsee, who was ousted from the nation's third-largest wireless provider in October after several quarters of falling subscriber numbers and other operational troubles.
October 11, 2006 |
Sprint Nextel Corp. announced that Tim Donahue was leaving as chairman of the struggling cellphone carrier, the company's second departure of a top executive in six weeks. The company did not name a replacement for Donahue, 57, who was chief executive of Nextel before it was acquired by Sprint last year for $35 billion. A Sprint spokesman said that the resignation was voluntary and that it had been expected.
April 21, 2006 |
Sprint Nextel Corp. has agreed to acquire UbiquiTel Inc. for $1 billion, continuing a campaign of buying up regional affiliates that have sued over last year's merger between Sprint and Nextel. Conshohocken, Pa.-based UbiquiTel provides wireless service under the Sprint brand name to 452,000 subscribers, including some in California. Reston, Va.-based Sprint Nextel will acquire UbiquiTel's shares for $10.35 each in cash. The stock rose 14 cents to $10.33.
January 24, 2006 |
Sprint Nextel Corp. froze pension plans for almost half of its 80,000 employees and won't offer a fixed retirement benefit to new workers as the company cuts labor costs to compete with other wireless carriers. Chief Executive Gary Forsee, who orchestrated the $36-billion merger of Sprint Corp. and Nextel Communications Inc., is revamping the retirement plans as he shifts the company's focus to the wireless business. Cingular Wireless, the largest U.S. mobile-phone services company, and No.
December 21, 2005 |
Sprint Nextel Corp. agreed to pay $6.5 billion to buy out shareholders of Nextel Partners Inc., its largest mobile-telephone affiliate, ending four months of bickering over a price. The offer of $28.50 a share was based on the average assessment of two appraisers, Sprint said. The Reston, Va.-based company already owns 32% of Nextel Partners, which is based in Kirkland, Wash. Sprint, which became the No. 3 mobile-phone provider after its $36-billion purchase of Nextel Communications Inc.
March 1, 2007 |
Sprint Nextel Corp. said fourth-quarter profit increased 32% after acquisitions boosted revenue. Net income rose to $261 million, or 9 cents a share, from $197 million, or 7 cents, a year earlier, the Reston, Va.-based company said. Sales advanced 6.7% to $10.4 billion, beating the $10.3-billion average of analyst estimates compiled by Bloomberg. The purchase of affiliates including Nextel Partners Inc. last year helped Sprint make up for the 306,000 customers it lost to rivals such as AT&T Inc.