Thursday, July 24, 2008

Sprint Searches Couch for Money, Finds $670 Million

Sprint is getting desperate and continues to make those sound business decisions that have sent it's stock to record levels... record low levels.

Sprint has announced they will sell 3,300 cell towers to TowerCo for $670 million. Sprint will use the money to help pay down their debt. Unfortunately, with a debt load of more than $24 billion, a meager $670 mill isn't going to make much of a dent. In addition, Sprint will then begin paying TowerCo undisclosed lease fees in exchange for use of their own cell towers.

But hey, at least the seats in the Sprint Center are indeed about the same size as other similar sized arenas, so the news isn't all bad.

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