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Sprint Nextel Corp

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BUSINESS
August 22, 2006 | From Bloomberg News
Sprint Nextel Corp. said Chief Operating Officer Len Lauer was leaving, effective immediately. Gary Forsee, president and chief executive, will assume Lauer's responsibilities and the position won't be filled, the Reston, Va.-based company said.
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BUSINESS
April 16, 2013 | By Joe Flint and Andrea Chang, Los Angeles Times
Dish Network Corp. is taking a run at Sprint. The satellite television company made an unsolicited $25.5-billion bid for Sprint Nextel Corp. on Monday in an attempt to marry one of the nation's biggest pay-TV providers with the third-largest U.S. wireless carrier. A merger would give Dish the ability to package Internet and phone service with its satellite offerings. "A transformative DISH/Sprint merger will create the only company that can offer customers a convenient, fully integrated, nationwide bundle of in- and out-of-home video, broadband and voice services," Dish Chairman Charles W. Ergen said.
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BUSINESS
February 2, 2006 | From Associated Press
After months of secrecy, Sprint Nextel Corp. said its local telephone division would be named Embarq when it separates this spring to become its own company. Sprint Nextel, based in Reston, Va., unveiled the name and logo to employees and plans a larger marketing blitz after the spinoff in the second quarter.
BUSINESS
April 15, 2013 | By Andrea Chang
SoftBank Corp., whose bid for 70% of Sprint Nextel Corp. now faces an unexpected challenge from Dish Network Corp., isn't backing down. In a statement released late Monday, the Japanese telecommunications giant said its deal to invest $20.1 billion in the United States' third-largest wireless carrier was better than the unsolicited offer made by Dish. "SoftBank believes that the agreed terms of our transaction with Sprint offer Sprint shareholders superior short- and long-term benefits to Dish's highly conditional preliminary proposal," SoftBank said.
BUSINESS
December 19, 2007 | From Times Wire Services
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.
BUSINESS
October 11, 2006 | From the Associated Press
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.
BUSINESS
April 21, 2006 | From the Associated Press
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.
BUSINESS
January 24, 2006 | From Bloomberg News
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.
BUSINESS
December 21, 2005 | From Bloomberg News
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.
BUSINESS
March 1, 2007 | From Bloomberg News
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.
BUSINESS
December 17, 2012 | By Jim Puzzanghera
WASHINGTON -- Sprint Nextel Corp. said Monday it had reached a deal to acquire the rest of fellow wireless carrier Clearwire Corp. for $2.2 billion. The acquisition, which must be approved by federal regulators, would expand Sprint's holdings of wireless spectrum to help it compete with larger rivals AT&T Inc. and Verizon Wireless. Sprint is the nation's third-largest carrier. "Today's transaction marks yet another significant step in Sprint's improved competitive position and ability to offer customers better products, more choices and better services," said Chief Executive Dan Hesse.
BUSINESS
November 8, 2012 | By Wailin Wong
Sprint Nextel Corp. said it is buying a large chunk of struggling U.S. Cellular Corp., including its hometown Chicago market, for $480 million. The nation's third-largest cellular phone company also is buying U.S. Cellular's operations in St. Louis, central Illinois, Indiana, Michigan and Ohio. The deal, which requires regulatory approval and is expected to close in mid-2013, will transfer spectrum and about 585,000 customers — roughly 10% of U.S. Cellular's subscribers — to Sprint.
BUSINESS
October 16, 2012 | By Laura J. Nelson, Los Angeles Times
One of Japan's largest wireless carriers is spending $20.1 billion to gain a foothold in one of the world's biggest and most lucrative mobile markets. SoftBank Corp., Japan's third-largest carrier, is taking a 70% stake in struggling U.S. carrier Sprint Nextel Corp. It would mark the largest-ever overseas acquisition by a Japanese company. The deal, pending regulatory approval, would give Sprint a much-needed financial boost. Under the agreement, Sprint would get $8 billion to pay down debt and build out its high-speed LTE network so it could better compete with its bigger rivals, Verizon Wireless and AT&T Inc. Beyond an expected expansion of the high-speed network coverage, Sprint customers may not see an immediate difference, analysts said.
BUSINESS
January 7, 2012 | By Nathan Olivarez-Giles, Los Angeles Times
Sprint plans to launch its high-speed 4G LTE network in Atlanta, Dallas, Houston and San Antonio later this year, but did not say when the service may roll out in Los Angeles. Sprint's first LTE markets are to be activated "in the first half of 2012" along with improved 3G coverage and improvements in "boosting voice and data quality," Sprint Nextel Corp. said in a statement. In December, Sprint also began testing its LTE towers in Kankakee, Ill. The LTE technology enables Sprint customers to have noticeably faster download and upload speeds on smartphones, tablets and mobile hot spots.
BUSINESS
August 31, 2011 | From Reuters
The Obama administration Wednesday filed to block AT&T's proposed $39 billion acquisition of wireless rival T-Mobile USA because of anti-competitive concerns. The Justice Department said the acquisition would "remove a significant competitive force" with AT&T and T-Mobile competing in at least 97 of the top 100 U.S. wireless markets, according to court papers obtained by Reuters. Blocking the acquisition on antitrust grounds would deal a blow to the telecommunication giant's expansion plans.
BUSINESS
July 29, 2011 | By David Sarno, Los Angeles Times
Sprint Nextel Corp. lost 16% of its market value Thursday after releasing earnings results that disappointed investors and showed the company continuing to lose mobile subscribers. Despite announcing a $9-billion deal to share its next-generation 4G network with wireless wholesaler LightSquared, Sprint shares dropped 82 cents to close at $4.34. Sprint said it lost 101,000 wireless contract subscribers during the quarter, significantly worse than the 15,000-customer loss that analysts expected.
BUSINESS
February 23, 2006 | From Bloomberg News
Sprint Nextel Corp. posted a 55% drop in fourth-quarter profit on costs to absorb Nextel Communications Inc. Net income fell to $197 million, or 7 cents a share, from $437 million, or 29 cents, a year earlier. Sales rose 63% to $11.3 billion, Reston, Va.-based Sprint Nextel said. Costs to integrate Nextel, which Chief Executive Gary Forsee bought for $36 billion, lowered profit by $204 million.
BUSINESS
February 29, 2008 | From Times Wire Services
Sprint Nextel Corp., the third-biggest U.S. wireless carrier, posted a $29.5-billion loss and scrapped its dividend after writing down most of the Nextel Communications Inc. acquisition from two years ago. The company's shares sank as much as 13% in New York trading. Sprint reported a fourth-quarter loss of $10.36 a share. Sales fell 5.7% to $9.85 billion, missing analysts' estimates, and the carrier borrowed $2.5 billion under a credit line. The write-down put Nextel's value at 80% less than when it was acquired.
BUSINESS
March 29, 2011 | By Jim Puzzanghera, Los Angeles Times
Sprint Nextel Corp. urged federal regulators to block a proposed acquisition that would create the nation's largest wireless carrier and leave two competitors in control of 75% of all cellphone subscriptions. AT&T Inc.'s proposed $39-billion purchase of T-Mobile USA Inc. would be an "anticompetitive acquisition," Sprint said in a statement Monday. If the deal goes through, Sprint, the nation's fourth-largest wireless carrier, would find itself a distant third, behind Verizon Wireless and a much larger AT&T.
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