NEW YORK (Reuters) – U.S. No. 3 wireless carrier T-Mobile US Inc will launch a new television service in 2018 and acquire television technology company Layer3 TV Inc for an undisclosed amount as part of its plans, it said on Wednesday.
The announcement follows T-Mobile’s announcement last week that its board approved its first-ever buyback program, a month after the company and rival Sprint Corp ended deal talks.
Chief Financial Officer Braxton Carter said at the time that the company was focused on smaller, “tuck-in” acquisitions, noting that such deals would be another use of cash.
Layer3 TV integrates television, online video content and social media and is available in five cities across the United States, T-Mobile said.
T-Mobile shares were up 1.3 percent at $64.30 in Wednesday morning trading.
Reporting by Anjali Athavaley; Editing by Meredith Mazzilli and Susan Thomas