UPDATE:AT&T CEO: Will Invest Up To $18 Billion In Infrastructure In 09
29 Septembre 2009 - 10:15PM
Dow Jones News
AT&T (T) Chief Executive Randall Stephenson said the
telecommunications giant will invest as much as $18 billion in
wireless and other technologies this year as it looks to meet
consumer demand and remain competitive.
"We are investing as fast as we can in broadband," Stephenson
said Tuesday during an appearance at the Detroit Economic Club.
Stephenson said he is also expecting to hire 3,000 high-tech
workers this year.
Stephenson, speaking with the media following his speech,
declined to comment on the future exclusivity agreement to be the
sole provider for Apple Inc.'s (APPL) iPhone. Speculation has
swirled that the agreement is slated to end in 2010. AT&T has
profited as consumers have switched to the iPhone.
Regarding possible consolidations in the telecommunication
market, Stephenson said the slowdown in the approval process in the
Department of Justice will likely quash any moves in the near
future.
He referenced AT&T's current bid to buy rural cell phone
carrier Centennial Communications (CYCL). Stephenson said
confirmation on that deal is taking a long time. He attributes the
slowdown to the change in the DOJ staff with the entrance of the
Obama administration.
AT&T shares rose .06 cents or .2% to $26.95 in earlier
trading Tuesday.
-By Jeff Bennett, Dow Jones Newswires; 248-204-5542;
jeff.bennett@dowjones.com