The Monterey County, Calif., Board of Supervisors is considering a $1.2 billion budget for fiscal 2016, as well as a $22.5 million budget for the independent Water Resources Agency. The proposed county budget would increase spending by $126.5 million, with $39.5 million taken from reserves.
Regulators are expected to take a close look at AT&T's proposed $1.2 billion purchase of Leap Wireless in a deal that values the prepaid carrier at $15 a share, almost double its closing stock price Friday. AT&T, which wants Leap's cache of wireless spectrum licenses, would be responsible for the carrier's $2.8 billion in debt. While analysts expect the government to ponder the consolidation of spectrum, a former Federal Communications Commission official predicted the deal will pass muster.
Comcast and NBCUniversal, whose far-flung media accounts are worth an estimated $1.2 billion, will consolidate the business and hold an agency review, according to this report. The incumbent agencies, which include some of the biggest names in the ad industry, have been asked to participate. NBCUniversal's owned-and-operated stations and its theme parks are said to be part of the review.
Windstream issued a more bullish outlook than analysts had expected and stabilized its landline losses in the second quarter. Revenues grew by 22% because of the June 1 closing of its Iowa Telecommunications services purchase. Windstream has already won approval for eight of its applications for federal broadband funds and has 25 more that are still being reviewed.
Motorola announced today the sale of its wireless-networking division, saying Nokia Siemens Networks has agreed to buy the unit for $1.2 billion. NSN said the deal will increase its profits and cash flow.