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AT&T is buying T-Mobile for $39 billion which will make it the largest cellphone company in the U.S. Damn damn damn! Not good because less competition means higher prices for US the consumer.

Now there will only be 3 wireless carriers with nationwide coverage (VERIZON,SPRINT & AT&T). Sprint was talking to T-Mobile but AT&T snuck in the back door on them to do the deal.

AT&T will pay about $25 billion in cash and the balance in company stock in a deal that gives Deutsche Telekom, Germany’s largest phone company, about an 8 percent equity stake in AT&T. Deutsche Telekom will get one seat on AT&T’s board.

Like Sprint, T-Mobile has been struggling to compete with much larger rivals AT&T and Verizon Wireless, and its revenue has been largely flat for three years.

via. (blackmediaSCOOP)