Sprint PCS Settles Spat with Affiliate
May 17, 2004, 2:05 PM by (staff)
Bankrupt Sprint PCS affiliate Horizon PCS announced today that it has reached agreements with Sprint, which will result in the sale of certain Horizon assets to Sprint and the settlement of all litigation and billing disputes. Sprint will pay Horizon PCS approximately $38 million to acquire 97,000 subscribers and retail store assets in West Virginia and western Virginia. Horizon will also pay $4 million to Sprint as part of the legal settlement.
Sprint Allowed to Settle Cramming Charges for $50M
Sprint has settled accusations with the Consumer Financial Protection Bureau that it over-billed customers for unwanted services. In May, the FCC fined Sprint $68 million for adding third-party services to customer bills without customer permission — a practice known as cramming.
Sprint to Sell Certain Network Assets for $2.2 Billion
Sprint has agreed to sell select network assets to a company called Network LeaseCo and then lease back those assets for an unspecified sum. The move is meant to boost Sprint's cash position and will eventually add $2.2 billion to the company's coffers.
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.
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.
Apple to Offer Official Screen Repairs At More Places
Apple plans to make it easier to repair damaged or broken iPhone screens by distributing its proprietary fix-it machine to third-party stores. Apple Stores use a custom device called the Horizon Machine, which is about the size of a microwave oven, to replace cracked iPhone screens.