Ian Anderson 11 a.m., Aug. 27
NextWave, Manchester Investment, to be Sold to AT&T
AT&T announced today (Aug. 2) that it will acquire NextWave Wireless for about $600 million. The deal is subject to approval of the Federal Communications Commission and possibly the Justice Department and Federal Trade Commission, AT&T said.
"Papa Doug" Manchester, owner of the Union-Tribune, should, by preliminary calculations, rake in about $5 million from the sale, if it goes through. However, Manchester, according to tentative calculations, invested at least $50 million, and probably more, in the company, through purchase of preferred stock and possibly other vehicles.