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Author Topic: Nextel and Sprint Merging?  (Read 599 times)
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Cheryl
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« on: December 13, 2004, 02:52:20 PM »

I guess all that money Nextel has made from NASCAR is helping them buy out their competition.  All I know is that I want to switch my service from AT&T to Verizon (which has the best coverage) and was told Saturday I'd have to spend $70 on a new phone and the only one like what I have has a "push to talk" feature.  When I pointedly said "I am not a bit interested in a walkie-talkie, can I just turn that crap off," I was told, "yeah, but you'd still have to pay for it."  Thank you, Nextel, for forcing other companies to adopt these stupid polcies.   :evil:

Anyway, sorry to rant, but I hate those annoying walkie-talkies and their annoying sounds.  Here's the item on the merger from Jayski:

"Nextel and Sprint to merge? AND: Reports of merger talks between Sprint Corp. and Nextel Communications Inc. sent both companies' shares higher for a second straight session Friday.(Wire Reports), since it is juts rumors and reports and nothing official, no idea how or if it will effect Nextel's involvement with NASCAR or if the Nextel Cup Series would change it's name.(12-10-2004)
AND A Wall Street Journal report Friday afternoon citing sources on both sides indicated No. 3 Sprint Corp. and No. 5 Nextel Communications Inc. had reached a tentative agreement on an all-stock $36 billion deal. According to the report, Sprint would pay around 1.3 shares for each Nextel share plus a small cash consideration that would value the deal at more than $36 billion. Sprint Chief Executive Officer Gary Forsee would become CEO of the new operation with current Nextel CEO Tim Donahue assuming the chairman position. Both companies would also share board positions. Analysts noted that Nextel, which is the last remaining independent nationwide wireless operator, would have the most to gain from the deal and would thus likely have to cede final ownership to Sprint for a deal to be completed. Neither Sprint nor Nextel would comment on the report, though reports indicated that the deal could be announced as early as next week. One source noted rumors of the deal could have been a test balloon sent up by both companies to gauge investor reaction or a move by Nextel to place pressure on other industry players to begin merger talks. Sprint's stock was up more than 8 percent Thursday following the report, while Nextel's stock increased more than 6 percent.(RCRNews.com)
AND from Speed Channel - Reports in the Wall Street Journal, New York Times and elsewhere Friday say wireless giants Sprint and Nextel have agreed to merge, with Sprint acquiring final ownership in a transaction valued at $36b. What effects this will have, if any, on Nextel's sponsorship of NASCAR's top series are not yet known. The reports say Sprint would pay 1.3 shares for each Nextel share, plus a small amount of cash. Sprint ceo Gary Forsee would become ceo of the new company, with Nextel ceo Tim Donahue becoming chairman. The deal is expected to be announced early next week. NASCAR officials could not be reached late Friday. Nextel and NASCAR reached an agreement in June 2003 under which Nextel would become sponsor of the Nextel Cup (formerly Winston Cup) series for 10 years. That arrangement, valued at a reported $700m, went into force this year, with Nextel spending extensively for presence and activation. Sprint has been active in the past in NASCAR, on a much smaller scale, notably as car sponsor with the Pettys.(Speed Channel)(12-11-2004)
AND II: Members of Sprint Corp.'s board of directors are scheduled to gather here beginning Sunday amid reports that the Overland Park, Kan.-based telecommunications company is near a merger with Nextel Communications. The possible merger between the companies the country's third- and fifth-largest wireless carriers, respectively raced through financial markets Friday. While neither company would confirm that a deal is in the works, industry observers, consumer advocates and investors took the speculation seriously. How such a merger would affect Nextel's sponsorship of NASCAR's Nextel Cup Series remained unclear late Saturday. "We don't comment on possible mergers or other speculation," said Nextel spokesman Mike Mooney, who works with motorsports media that cover NASCAR. In 2003, Nextel signed a 10-year deal to sponsor NASCAR's top series for reported $700 million. According to a report in the Washington Business Journal, in its first year as the Cup series sponsor, Nextel has already sold 40,000 NASCAR-branded phones, and other Nextel phone sales attributable to the sponsorship were listed in the "hundreds of thousands."(more at the Kansas City Star)(12-12-2004)"

Cheryl
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« Reply #1 on: December 13, 2004, 05:18:49 PM »

Ain't life fun?? :lol:
I have been happy with my AT&t service thru Cincinnati Bell, but now Cingular bought out ATT so I'm not so sure, but time will tell if things work out ok.
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« Reply #2 on: December 14, 2004, 05:02:51 PM »

Saw this morning on ESPN2 Cold Pizza that the parent companies of Verizon Wireless are now making a bid for Sprint, which has reportedly merged with Nextel.  The plot thickens...
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Cheryl
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« Reply #3 on: December 14, 2004, 05:14:13 PM »

Quote from: "Desmond"
Saw this morning on ESPN2 Cold Pizza that the parent companies of Verizon Wireless are now making a bid for Sprint, which has reportedly merged with Nextel.  The plot thickens...


Yucko!  I sure as heck don't want Verizon to become associated with Next-hell... :evil:   Is nothing safe from them???

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« Reply #4 on: December 15, 2004, 05:05:34 PM »

The deal is done!

This morning, board members of Sprint and Nextel agreed to merge.  Each Nextel shareholder would receive the equivalent of 1.3 shares of Sprint stock, plus some cash.

The merger is pending approval of the companies' shareholders and federal regulators.  It is expected to close between next July and next September.  So the name "Nextel Cup" should be safe for the 2005 racing season.

Allison Wagda has this article about what the merger could mean to NASCAR fans:

http://www.backseatblonde.com/December13.html
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