Japan's SoftBank says nine-month profit soars 58%

SoftBank said Wednesday its nine-month net profit soared 58 percent thanks to strong iPhone sales, but third-quarter earnings suffered because of losses in its newly acquired Sprint Nextel unit.

SoftBank chief aims to create 'world's No.1 company'

The flamboyant founder of Japanese telco SoftBank, which is close to a $21.6 billion takeover of US firm Sprint Nextel, on Friday added a new goal to his lofty agenda: creating the world's biggest company.

Dish won't submit revised bid for Sprint

Satellite TV operator Dish Network Corp. said Tuesday it would not submit a revised bid for Sprint, leaving the path open for the wireless carrier to accept what it already considers a superior offer from Japan's Softbank.

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Sprint Nextel

Sprint Nextel Corporation (NYSE: S) is a telecommunications company, based in Overland Park, Kansas. The company owns and operates the third largest wireless telecommunications network in United States, with over 49 million customers, behind Verizon Wireless and AT&T Mobility. Sprint is a global Internet carrier (Tier 1 network) and makes up a portion of the Internet backbone. In the United States, the company also operates the largest wireless broadband network and is the third largest long distance provider.

The company was created in 2005 by the $35 billion purchase of Nextel Communications by Sprint Corporation. In 2006, the company spun off its local landline telephone business, naming it Embarq. The company also completed the $6.5 billion acquisition of Nextel Partners, one of its largest affiliates, which primarily provides Nextel wireless services to more rural markets.

Sprint also operates and maintains DCSNet, the U.S. Federal Government's private surveillance network.

In 2009, Sprint announced that its entire wireless network will be turned over to the Sweden-based Ericsson. Under the deal, Sprint will transfer many of their employees and Ericsson will take over the full maintenance and operations of the Sprint wireless network. Additionally Ericsson will be housed within the Sprint headquarters. The transaction is expected to be complete by the end of Q3 2009.

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