US Celluar Sold to Verizon
I was looking on the US CELLULAR web page, Under Investor Relations. The are documents that look like an agreement to sell to Verizon. Does anyone have information about this. Do I need to find a NEW JOB.
This is part of the document.
http://phx.corporate-ir.net/phoenix.zhtml?c=106793&p ... »
Since the Company did not dispose of its investments in the Partnerships, what happened to cause the change in
accounting (i.e., the Deconsolidation)?
The Company entered into an agreement with the minority partner (Cellco Partnership d/b/a Verizon
Wireless,(“Verizon Wireless”)) in the Partnerships on April 3, 2013. In addition to being the minority partner in both of
the Partnerships, Verizon Wireless has been acting manager of the Partnerships and will continue to operate as
manager under the conditions of the agreement.
The agreement accomplished several business objectives for the Partnerships, including the execution of a 700 MHz
radio spectrum lease with Verizon Wireless that will be instrumental in facilitating the build‐out of a 4G LTE network
for the Partnerships. In addition to being affirmed as manager of the Partnerships, Verizon Wireless was given certain
additional rights to direct and execute the daily activities of the business. The granting of these additional
management rights to Verizon triggered a change in accounting under accounting principles generally accepted in the
United States of America (“GAAP”). As a result, under GAAP, the Company will account for its investments in the
Partnerships under the equity method beginning in Q2 2013.