Sprint is buying a stake in the American telecommunications giant AT&T and selling internet services, the company announced.
The deal is subject to regulatory approval, a Sprint spokesperson told TechCrunch.
The announcement was made Thursday afternoon during the company’s annual investor call.
The transaction is subject in part to regulatory approvals, a spokesperson for the company said.
The Sprint spokesperson also said that the company is no longer investing in internet service providers.
Sprint has been one of the nation’s leading providers of internet access since the 1980s.
The company is the nation ‘s largest wireless carrier, but it has recently seen competition from more innovative wireless providers such as T-Mobile and Verizon Wireless.
The FCC recently approved the merger of AT&s phone network with Verizon, paving the way for AT&s merger with T-Mo, which is the second-largest US wireless carrier.