The latest news comes from Sprint Nextel where they announced last week that they will be transferring operations of its networks to Ericsson the Swedish telecommunications equipment maker.

This new seven-year agreement has been valued at around $5 billion which is a staggering amount and a free substantial amount of that money will be used to develop new products and improve network coverage and quality. Mr. Elfman said in a conference “Sprint will remain in full control of the network, we own it. We’re not selling it”.

This deal would mean that 6,000 Sprint employees will be transferred to a subsidiary owned by Ericsson that is based in Overland Park, Kan., close to Sprint’s headquarters there. This new deal will mean that they can keep up with the likes of Verizon and AT&T, Sprint shares has risen 17 cents, around about 4 percent to $4.48. For more information please visit NY Times.