AT&T Withdraws Its T-Mobile Application from FCC
3:10 PM - November 24, 2011 - By Marcus Yam -
Source : Tom's Guide US
The big news on this U.S. Thanksgiving holiday is that AT&T has pulled its application for T-Mobile from the FCC. This news comes just a day after we learned that the FCC believed that the merger would harm consumers.
As part of the original agreement, AT&T must now pay T-Mobile parent company Deutsche Telekom $4 billion in break-up fees. $3 billion of that is in cash and $1 billion is in spectrum.
Believe it or not, AT&T isn't giving up. AT&T is continuing to pursue T-Mobile's wireless assets. Here's the full release:
On Nov. 22, 2011, the Federal Communications Commission indicated a proposed order was circulating that would designate for hearing the applications of AT&T Inc. and Deutsche Telekom AG For Consent To Assign or Transfer Control of Licenses and Authorizations, WT Docket No. 11-65. On November 23, 2011, AT&T Inc. and Deutsche Telekom AG electronically withdrew without prejudice, as of that date, the pending applications listed in the Public Notice released by the Federal Communications Commission on April 28, 2011 in that proceeding. Associated manual notification of withdrawal filings also are being made.
AT&T Inc. and Deutsche Telekom AG are continuing to pursue the sale of Deutsche Telekom?s U.S. wireless assets to AT&T and are taking this step to facilitate the consideration of all options at the FCC and to focus their continuing efforts on obtaining antitrust clearance for the transaction from the Department of Justice, either through the litigation pending before the United States District Court for the District of Columbia, Case No. 1:11-cv-01560 (ESH) or alternate means. As soon as practical, AT&T Inc. and Deutsche Telekom AG intend to seek the necessary FCC approval.
As a result of the FCC?s action, AT&T expects to recognize a pretax accounting charge of $4 billion ($3 billion cash and $1 billion book value of spectrum) in the 4th quarter of 2011 to reflect the potential break up fees due Deutsche Telekom in the event the transaction does not receive regulatory approval.
http://www.tomsguide.com/us/at-t-t-mobile-fcc-merger-break-up,news-13301.html
Finally some good news in the wireless technology sector.
3:10 PM - November 24, 2011 - By Marcus Yam -
Source : Tom's Guide US
The big news on this U.S. Thanksgiving holiday is that AT&T has pulled its application for T-Mobile from the FCC. This news comes just a day after we learned that the FCC believed that the merger would harm consumers.
As part of the original agreement, AT&T must now pay T-Mobile parent company Deutsche Telekom $4 billion in break-up fees. $3 billion of that is in cash and $1 billion is in spectrum.
Believe it or not, AT&T isn't giving up. AT&T is continuing to pursue T-Mobile's wireless assets. Here's the full release:
On Nov. 22, 2011, the Federal Communications Commission indicated a proposed order was circulating that would designate for hearing the applications of AT&T Inc. and Deutsche Telekom AG For Consent To Assign or Transfer Control of Licenses and Authorizations, WT Docket No. 11-65. On November 23, 2011, AT&T Inc. and Deutsche Telekom AG electronically withdrew without prejudice, as of that date, the pending applications listed in the Public Notice released by the Federal Communications Commission on April 28, 2011 in that proceeding. Associated manual notification of withdrawal filings also are being made.
AT&T Inc. and Deutsche Telekom AG are continuing to pursue the sale of Deutsche Telekom?s U.S. wireless assets to AT&T and are taking this step to facilitate the consideration of all options at the FCC and to focus their continuing efforts on obtaining antitrust clearance for the transaction from the Department of Justice, either through the litigation pending before the United States District Court for the District of Columbia, Case No. 1:11-cv-01560 (ESH) or alternate means. As soon as practical, AT&T Inc. and Deutsche Telekom AG intend to seek the necessary FCC approval.
As a result of the FCC?s action, AT&T expects to recognize a pretax accounting charge of $4 billion ($3 billion cash and $1 billion book value of spectrum) in the 4th quarter of 2011 to reflect the potential break up fees due Deutsche Telekom in the event the transaction does not receive regulatory approval.
http://www.tomsguide.com/us/at-t-t-mobile-fcc-merger-break-up,news-13301.html
Finally some good news in the wireless technology sector.
