T-Mobile Withdraws Anti-Net Neutrality Lawsuit
The Federal Communications Commission today indicated that T-Mobile USA has dropped a lawsuit filed against the FCC by the former MetroPCS. T-Mobile acquired MetroPCS earlier this month. The aim of the lawsuit was to scuttle the FCC's Open Internet rules. On his last day in office, FCC Chairman Julius Genachowski said, "The FCC's widely supported open Internet framework has contributed to healthy growth in innovation and investment across the U.S. broadband economy. Since 2010, our strong and balanced rules have been protecting entrepreneurs and consumers, and have increased certainty and predictability for investors in Internet services as well as networks. The ongoing litigation – now pursued by a single company – only serves to reduce that certainty and predictability. I applaud T-Mobile's decision to withdraw from this litigation." Verizon Wireless is now the only company actively pursuing litigation against the FCC and its rules.
T-Mobile DID NOT ACQUIRE METROPCS!!!!!
MetroPCS will declare a 1-for-2 reverse split.
The company will pay holders $1.5 billion in cash, about $4.09 a share before the reverse split.
MetroPCS will acquire all of T-Mobile USA’s stock in exchange for a 74% stake...