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Sprint Nextel Corporation - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Sprint Nextel is one of the three largest wireless companies in the US based on the number of wireless subscribers. The company owns extensive wireless networks and a global long-distance, Tier 1 Internet backbone. Sprint Nextel offers digital wireless services in all 50 US states, Puerto Rico and the US Virgin Islands, in part through commercial affiliation arrangements between the company and third party affiliates, each referred to as a PCS Affiliate. Sprint Nextel, together with its four remaining PCS Affiliates, provide CDMA-based personal communications services under the Sprint brand name. The PCS Affiliates offer digital wireless service mainly in and around smaller US metropolitan areas on wireless networks built and operated at their expense, in most instances using spectrum licensed to and controlled by Sprint Nextel. Sprint Nextel also offers data messaging, imaging, entertainment and location-based applications, marketed as Power Vision, across its CDMA network that utilise high-speed EV-DO technology. In addition, Sprint Nextel offers digital wireless services under the Nextel and Boost Mobile brands using integrated Digital Enhanced Network (iDEN) technology. Both brands feature walkie-talkie services, or Direct Connect, which gives subscribers the ability to communicate instantly across the continental US and to and from Hawaii and, through agreements with other iDEN-based providers, to and from selected markets in Canada, Latin America and Mexico, as well as a variety of digital wireless mobile telephone and wireless data transmission services. Sprint Nextel is one of the US' largest providers of long-distance services and one of the largest carriers of Internet traffic. The company operates an all-digital long-distance and Tier 1, IP network over which it provides a range of wireline communications services targeted to domestic business customers, multinational corporations and other communications companies. These services include domestic and international data communications using various protocols such as MPLS technologies, IP, ATM, frame relay, managed network services, and voice services. The company also provides switching and back office services to cable companies, which enable them to provide local and long-distance telephone service over their cable facilities. Sprint Nextel was formed in August 2005 through the merger of Sprint Corporation and Nextel Communications Inc. Sprint acquired Nextel in a transaction valued at approximately US$37.8 billion in order to secure a number of potential strategic and financial benefits. These benefits include those arising from the combination of their networks, spectrum assets and diverse customer bases and service, the size and scale of the combined company and the opportunity to focus on the fastest growing areas of the communications industry. In May 2006, Sprint Nextel spun-off to its shareholders its local telephone business, which is now known as Embarq Corporation. The principal trading market for Sprint Nextel's common stock, Series 1, is the New York Stock Exchange. The company's common stock, Series 2, is not publicly traded. Holders of Series 1 common stock are entitled to one vote per share on all matters submitted for action by the shareholders. Holders of Series 2 common stock are entitled to 10% of one vote per share, but otherwise have rights that are substantially identical to those of the Series 1 common stock. About 38 million shares of Sprint Nextel's non-voting common stock was issued in the Sprint/Nextel merger in August 2005 to Motorola and its subsidiary, the only holders of non-voting common shares. In December 2006, Motorola and its subsidiary exercised their right to convert the non-voting common shares into an equal number of Series 1 common shares. As of February 21, 2007, Sprint Nextel had about 56,000 common stock, Series 1, record holders, 12 common stock, Series 2, record holders, and no non-voting common stock record holders.
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