Sprint (S) Finally Shuts Down Nextel Network
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Sprint (NYSE: S) is modestly higher Monday following reports that the company has shut-down its Nextel network.
The WSJ reports today that the "stop code" was sent out Sunday night, moving across 20,000 remaining Nextel sites over the next few hours. About 1.3 million users were said to still be on the network.
Sprint purchased Nextel in 2005 for a tidy sum of $35 billion. With its technology no longer keeping pace with the broader market, the company had been moving to shutter the unit for years.
Shares of Sprint are up 0.9 percent.
The WSJ reports today that the "stop code" was sent out Sunday night, moving across 20,000 remaining Nextel sites over the next few hours. About 1.3 million users were said to still be on the network.
Sprint purchased Nextel in 2005 for a tidy sum of $35 billion. With its technology no longer keeping pace with the broader market, the company had been moving to shutter the unit for years.
Shares of Sprint are up 0.9 percent.
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