AT&T Sells Off Portion of America Movil Stake
AT&T has netted about $564 million in proceeds from selling 7.5% of the stake it has in America Movil, which operates in Mexico. AT&T sold the shares between May 7 and June 4, according to documents filed with the U.S. Securities and Exchange Commission. AT&T traditionally maintains a 9% stake in America Movil, and has two employees on the board. The company said it does not plan to sell its entire stake in America Movil. Earlier this year, AT&T said it would explore asset sales across its business units.
Sprint Takes a 33% Stake In Music Service Tidal
Sprint today said it has acquired a 33% stake in Tidal, a music and entertainment platform. Sprint plans to make Tidal's service available to its 45 million retail customers.
AT&T to Divest America Movil Stake to Carlos Slim
AT&T plans to sell off its entire remaining stake in America Movil to Carlos Slim for about $5.6 billion. AT&T holds 8.3% of America Movil stock, but garners 24% of the company's voting rights.
MetroPCS Customers Can Roam in Mexico, Canada for $5
MetroPCS today announced the North America Unlimited add-on, which gives customers the ability to roam in Canada and Mexico for $5 per month. With this plan, customers can talk, text, and use LTE data across North America.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
Yahoo Pitches Reverse Spinoff to Investors
Yahoo today said that rather than divest its financial interests in Alibaba, the company will separate Yahoo from Alibaba in a reverse spinoff. The company's board has been contemplating its future and decided that selling the core Yahoo internet business is the best path forward.