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T-Mobile, Sprint ready board committees to decide on merger: sources

(Reuters) – T-Mobile US Inc and Sprint Corp are laying the groundwork for special committees of their board of directors to decide on a merger between the third and fourth largest U.S. wireless carriers, according to people familiar with the matter.

FILE PHOTO: Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

These board committees are important for the merger because T-Mobile and Sprint are majority owned by Germany’s Deutsche Telekom AG and Japan’s SoftBank Group Corp respectively, and could be left vulnerable to potential lawsuits from minority shareholders if they don’t establish independent mechanisms to review the deal.

Both T-Mobile and Sprint have formed committees comprising independent board directors to decide on whether the deal should be signed once the merger agreement has been finalized, which is currently expected in the next three weeks, the sources said.

The companies’ special board committees have also hired financial advisers to help them deliver fairness opinions, the sources added.

As with many all-stock mergers, T-Mobile and Sprint have decided there is no need to give their minority shareholders a vote on the deal, the sources said.

An alternative would have been to make the merger subject to approval by a majority of their minority shareholders. However, the companies’ advisers have determined this is not legally necessary, and could even jeopardize the deal were minority shareholders to organize against it, according to the sources.

Some T-Mobile minority shareholders believe Sprint should not be offered any premium for its shares, the sources said. However, T-Mobile and Sprint have tentatively agreed on a range for a stock exchange ratio which, even at its low end, would offer Sprint a modest premium to where its shares are trading currently, the sources added.

This could result in SoftBank and other Sprint shareholders holding close to 40 percent of the combined company based on where the shares are currently trading, the sources added. The exact share exchange ratio will be determined by looking at the volume-weighted average stock price of the companies over the last few months, one of the sources added.

T-Mobile’s and Sprint’s due diligence on each other is almost complete, and much of their focus now is on working out a business plan for the combined company, as well as an integration strategy, according to the sources.

Sprint and T-Mobile declined to comment, while Deutsche Telekom and SoftBank did not immediately respond to requests for comment. The sources asked not to be identified because the negotiations are confidential.

Reporting by Liana B. Baker in New York; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

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iPhone 7 Review: Ready or Not, This Is the Future

At a glance, the iPhone 7 and iPhone 7 Plus might be confused for their predecessors, the 6s and 6s Plus. It’s deceptive. The iPhone 7 is perhaps the most drastic revision of the phone since it was first released nearly a decade ago. It’s not just the missing headphone jack. There are several other big ideas, including a new dual camera system (on the 7 Plus), a new touch sensor home button, and mercifully, newly added water resistance. These are substantial changes, and they hint at what we can expect from the future of Apple phones.

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Want an iPhone 6S for $1? Get ready to switch to Sprint

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On Friday the iPhone 6S and 6S Plus arrive in stores, and while thousands may line up for a chance to get their hands on a pink (rose gold) iPhone, others will be looking for the best upgrade deals.

In this U.S., Sprint may have just topped them all.

The wireless service provider announced on Thursday a gonzo limited-time trade-in deal to current iPhone 6 customers: $ 1 a month for an iPhone 6S and $ 5 a month for an iPhone 6s Plus.

The payment plan is actually part of Sprint’s “iPhone for Life” plan, which means customers are actually leasing the phone for, in this case, 12 months. After that, they turn in the phone for a new one and continue paying against the monthly lease agreement. While typical Sprint lease plans might charge $ 20 a month for a 16GB iPhone 6s, this one will charge you just a $ 1, meaning that, after 12 months, you end up paying $ 12 for the iPhone 6s. In the case of the larger iPhone 6s Plus, you pay $ 60. Read more…

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Get ready to watch all your favorite TV shows in virtual reality

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Hulu and Netflix are jumping on the virtual reality train. All aboard, early adopters.

Both streaming video services will soon offer virtual reality apps that let users explore content and watch what they want in 3D virtual spaces. Netflix is up first, with an app launching in the Gear VR store on Thursday, just hours after it was announced on stage at Oculus Connect.

While the video itself plays inside the headset on a virtual screen — banish all hopes of stepping into your favorite TV show or movie, at least for now — the app’s browsing interface is an interactive “Netflix Living Room.” This is a valuable feather in Netflix’s cap, marking the “first” subscription video app for VR and yet another platform for the ubiquitous service. Read more…

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Get ready to watch all your favorite TV shows in virtual reality

Netflix-living-room

Feed-twFeed-fb

Hulu and Netflix are jumping on the virtual reality train. All aboard, early adopters.

Both streaming video services will soon offer virtual reality apps that let users explore content and watch what they want in 3D virtual spaces. Netflix is up first, with an app launching in the Gear VR store on Thursday, just hours after it was announced on stage at Oculus Connect.

While the video itself plays inside the headset on a virtual screen — banish all hopes of stepping into your favorite TV show or movie, at least for now — the app’s browsing interface is an interactive “Netflix Living Room.” This is a valuable feather in Netflix’s cap, marking the “first” subscription video app for VR and yet another platform for the ubiquitous service. Read more…

More about Entertainment, Gaming, Netflix, Hulu, and Television


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Get ready to watch all your favorite TV shows in virtual reality

Netflix-living-room

Feed-twFeed-fb

Hulu and Netflix are jumping on the virtual reality train. All aboard, early adopters.

Both streaming video services will soon offer virtual reality apps that let users explore content and watch what they want in 3D virtual spaces. Netflix is up first, with an app launching in the Gear VR store on Thursday, just hours after it was announced on stage at Oculus Connect.

While the video itself plays inside the headset on a virtual screen — banish all hopes of stepping into your favorite TV show or movie, at least for now — the app’s browsing interface is an interactive “Netflix Living Room.” This is a valuable feather in Netflix’s cap, marking the “first” subscription video app for VR and yet another platform for the ubiquitous service. Read more…

More about Entertainment, Gaming, Netflix, Hulu, and Television


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