KANSAS CITY, Mo.-Sprint Corp. shareholders approved a proposal allowing Sprint to assume full ownership and management control of Sprint PCS and create two separate classes of Sprint common stock-one reflecting the performance of Sprint’s personal communications services operations and the other tracking the company’s local, long-distance and other operations.
The restructuring agreement calls for Sprint to acquire the ownership interests of the other partners in Sprint PCS-Tele-Communications Inc., Cox Communications Inc. and Comcast Corp.-in exchange for low-vote shares of the new PCS stock.
The restructuring of Sprint PCS and the recapitalization of the existing common stock are scheduled for Nov. 23.
