Sprint Nextel Corporation
(NYSE: S) is a telecommunications company, based in Overland Park, Kansas. The company owns and operates the third largest wireless telecommunications network in the United States, with 50.5 million customers, behind AT&T Mobility and Verizon Wireless. Sprint is a global Internet carrier and makes up a portion of the Internet backbone. In the United States, the company also operates the second largest wireless broadband network and is the third largest long distance provider.
The company was created in 2005 by the $35 billion purchase of Nextel Communications by Sprint Corporation. In 2006, the company spun off its local landline telephone business, naming it Embarq. The company also completed the $6.5 billion acquisition of Nextel Partners, one of its largest affiliates, which primarily provides Nextel wireless services to more rural markets.
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