Newspaper wrap-up: Sprint may reverse course and cast off Nextel
Posted May 6th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Google (GOOG), Yahoo! (YHOO), Citigroup Inc. (C), Sprint Nextel Corp (S), News Corp'B' (NWS)
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MAJOR PAPERS:
- Three years into its $35B takeover of Nextel, the Wall Street Journal reported that Sprint Nextel Corporation (NYSE: S) is considering selling or spinning off the troubled unit. Few details were available and a deal is not imminent.
- The Wall Street Journal also reported that pressure is mounting on Citigroup Incorporated's (NYSE: C) CEO Vikram Pandit to show that he can turn around the troubled bank. Executives believe Pandit, who has been praised for his cautious and deliberate approach, has been taking "too long" to make crucial decisions.
WEB SITES:
- According to a person close to Google Inc (NASDAQ: GOOG), Reuters reported that Google and Yahoo! Inc (NASDAQ: YHOO) are still "hammering out the intricacies" of a potential advertising and search deal. The source said no final agreement has been reached yet.
- ABC News learned that if Rupert Murdoch does not testify in a lawsuit accusing one of his companies of "corporate espionage," it may cost News Corporation (NYSE: NWS) hundreds of millions of dollars, a federal judge overseeing the trial said. News Corp has denied any wrongdoing, and lawyers maintain Murdoch had no direct knowledge of the unit's alleged hacking into EchoStar Corporation's (NASDAQ: SATS)/DISH Network Corporation's (NASDAQ: DISH) security code and posting it on the Internet.
Tags: C, Citigroup, DISH, Dish Network, DishNetwork, EchoStar, GOOG, Google, Murdoch, News Corp, NewsCorp, Nextel, NWS, NWS.A, Pandit, S, SATS, Sprint, Sprint Nextel, SprintNextel, Vikram Pandit, VikramPandit, Yahoo, YHOO
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