UPDATE:AT&T CEO: Will Invest Up To $18 Billion In Infrastructure In 09
By Jeff Bennett Of DOW JONES NEWSWIRES DETROIT -(Dow Jones)- 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
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Publié le 29 septembre 2009 Copyright © 2009 Dowjones
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