T-Mobile CEO: President Trump Has a 'Part in This Deal'
*By Alisha Haridasani*
In their third attempt at a merger in four years, T-Mobile and Sprint are appealing directly to the White House for approval of their $26.5 billion deal by emphasizing priorities that are important to President Trump and other lawmakers in Washington.
“We can show you, with specificity, that on day one there will be greater jobs, there will be lower prices, broader service, competition in rural America, broadband alternatives, and a 5G network that the nation doesn’t have,” said the T-Mobile CEO John Legere in an interview Monday with Cheddar’s Hope.
He also said that Trump has "a part in this deal," and that the latest tax cuts the administration pushed through add a "great amount of value in this deal."
The wireless networks announced their agreement to merge on Sunday; if the deal is approved by regulators, it will create the country's second-biggest wireless carrier with about 100 million subscribers. It would operate under the T-Mobile brand.
T-Mobile and Sprint's last plan to merge was scuttled in November 2017 after the Federal Communications Commission expressed concerns over decreased competition that could result from a smaller mobile market.
Verizon is the top wireless provider, with about 116 million customers through the end of last year, and AT&T is second with 93 million. T-Mobile, the third largest carrier with about 59 million customers, and Sprint, with 41 million, would become the new No. 2 carrier if the merger goes through.
The Sprint and T-Mobile chief executives have been touting the deal's potential to create jobs, boost competitiveness, and speed development of a 5G network vital to the country's digital infrastructure. Though these ambitions align with some of the Trump administration's priorities, some investors are still worried that those arguments may not convince federal regulators. Shares of Sprint and T-mobile were down at midday.
Wall Street's worries are exacerbated by the Justice Department’s legal battle to block a $85 billion merger of AT&T and Time Warner.
“We’ve listened to FCC Commissioner Pai, who said from day one ‘I’m willing to look at a new transaction with an open mind,’ which is all we ask,” said the Sprint CEO Marcelo Claure.
Over 70 percent of Americans now own a smartphone and have broadband, according to [Pew Research](http://www.pewresearch.org/fact-tank/2017/01/12/evolution-of-technology/), with increasing demands on carriers that offer unlimited data plans.
For the full interview, [click here](https://cheddar.com/videos/ceos-of-t-mobile-and-sprint-discuss-merger).
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
