T-Mobile USA Inc. is buying Denver-based Layer3 TV Inc. in a deal to create a new TV service that the wireless carrier promises will give it an advantage over larger competitors such as AT&T.
Layer3 TV and T-Mobile announced a deal agreement today. Terms were not disclosed, partly because they are not completely finalized, the companies said.
Bellevue, Washington-based T-Mobile (Nasdaq: TMUS) says it will enter the $100 billion paid TV industry with its new multi-channel service after the Layer3 TV acquisition closes early next year.
"T-Mobile is the only wireless carrier [that's] growing. We are going to accelerate what we do with customers by entering and disrupting this market,” said John Legere, T-Mobile's outspoken CEO, during a conference call about the deal. "There are some very large companies soiling themselves today."