T-Mobile to launch new television service in 2018, acquire Layer3 TV
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December 13, 2017NEW YORK (Reuters) – T-Mobile US Inc will launch a new television service in 2018 and acquire television technology company Layer3 TV Inc for an undisclosed amount, the U.S. No. 3 wireless carrier said on Wednesday.
The moves come a month after T-Mobile and rival Sprint Corp ended merger talks. Chief Financial Officer Braxton Carter said at the time the company would instead focus on smaller, “tuck-in” acquisitions. Last week T-Mobile’s board approved its first-ever share buyback program.
Layer3 TV integrates television, online video content and social media and is available online and on mobile devices in five cities across the United States, T-Mobile said.
The Denver-based startup, founded in 2013, offers more than 275 high-definition channels and 25,000 on-demand titles.
T-Mobile shares were up 1.3 percent at $64.30.
Reporting by Anjali Athavaley; Editing by Meredith Mazzilli and Susan Thomas