Reuters reported Friday that Sprint Nextel Corp might put Nextel's wireless network on sale. If this happens, Sprint will place into the market a company that has relinquished 80% of its value. Seems like a tough sell. According to the Reuters article, Sprint had lost a sizable chunk of its customers since buying Nextel Communications for $35billion in 2005. This loss is being blamed on its struggle "to integrate Nextel's iDen network, used by public safety and construction workers, with its own service." Currently, Sprint is the third biggest cellular phone service, but its recent debacles have resulted in pressures by the Federal Communications Commissions to give up "a key chunk of iDen wireless airwaves for emergency communications networks." Despite the recent string of bad news, Sprint's shares have reportedly risen by 12%, which has been credited to "its surprise decision on Thursday to cancel a $3 billion convertible share sale that had been unpopular with shareholders." And while the company faces a multimillion dollar debt, its finances are still afloat. NII Holdings Inc. a service provider in Latin America, is being eyed as a potential buyer of the Nextel wireless network.
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