US mobile operator Sprint Nextel has announced it is to sell approximately 3,300 mobile towers to privately-held TowerCo for approximately US$670 million in cash and enter into a long-term leasing agreement with the company to support its CDMA, iDEN and WiMAX networks.
Sprint Nextel and Clearwire have asked the FCC to reject calls for more stringent conditions to be placed on their proposed WiMAX joint venture, notes TeleGeography. Rival groups AT&T, Vonage and the Rural Cellular Association had protested to the regulator about the tie-up.
US operator Sprint Nextel today posted a Q2 loss of US$344 million and forecast more subscriber defections as customers switch to Verizon Wireless and AT&T, notes Bloomberg. Sales fell 11 percent to US$9.06 billion. A year earlier, Sprint posted net income of US$19 million in Q2.
US mobile operator Sprint Nextel has scrapped plans for a US$3 billion offering of convertible preferred stock after failing to find the terms it sought, reports Bloomberg. Its share price rose 6.1 percent in New York Stock Exchange trading on reports the offering was pulled.
Unstrung reports that Clearwire says it still expects to close a deal to get Sprint Nextel’s WiMAX assets and a US$3.2 billion investment before the end of the year, despite AT&T’s complaints to the FCC about the spectrum that would be held by the combined operation.