DALLAS (dpa-AFX) - Wireless carriers AT&T Inc. (T), announced on Thursday that it has launched a joint venture with T-Mobile US, Inc. (TMUS) and Verizon Communications Inc. (VZ) to expand satellite-enabled connectivity in underserved areas across the United States.
The venture, announced after a May plan to pool limited spectrum resources, aiming to reduce coverage gaps and complement terrestrial mobile networks. Under management change, Paul Roth was named interim chief executive officer of the joint venture while a search for a permanent CEO is underway.
AT&T said the JV will nearly eliminate dead zones, provide redundant connectivity during emergencies, and improve network performance by simplifying access to satellite services. Existing carrier-satellite agreements will remain in place.
On the NYSE, shares of AT&T are currently gaining 0.43 percent, changing hands at $24.50.
T-Mobile stock dips 0.05 percent, changing hands at $163.00 on the Nasdaq.
Verizon Communications gains 0.07 percent, last at $45.90 on the NYSE.
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