OVERLAND PARK, Kan.—Sprint PCS and the Virgin Group reported they would each have an equal interest and mutual governance roles in their Virgin Mobile USA mobile virtual network operator joint venture that is expected to launch this summer. Sprint PCS said it would fund up to $150 million, of which a majority will be in the form of services and the remainder in cash, while Virgin will fund up to $150 million in cash.
“Sprint is committed to clearly and efficiently penetrating the under-30, pay-as-you-go market in the U.S.,” said Charles Levine, president of Sprint PCS. “This venture allows us to better leverage the operational expertise and industry knowledge both parties bring to this arrangement.”
