Sprint Says PCS IPO Is On Again1/24/1999 7:00 PM Eastern
Kansas City, Mo. -- Sprint Corp. said last week that it
intends to proceed with a $500 million initial public offering of Sprint PCS common stock,
using the proceeds to help pay to build out new and existing markets for the
Sprint -- which said in October that it was pushing back
the IPO because of market conditions -- did not say when the planned stock sale would
The service was founded by Sprint and three cable
operators: Tele-Communications Inc., Comcast Corp. and Cox Communications Inc. The MSOs
now own low-voting stakes in the venture, which they may attempt to sell at some point.
AT&T Corp. has to sell the TCI stake over time as a condition of its merger with TCI.
Sprint also said preliminary fourth-quarter results for the
PCS unit indicated that the operation added about 830,000 customers in the quarter.
Quarterly revenue is expected to be between $430 million and $450 million. Cash flow is
expected to be a loss of $590 million to $610 million, versus a loss of about $350 million
in the third quarter.