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AT&T, AST SpaceMobile tie up to provide space-based broadband network to cell phones




By Reuters | Updated: May 16, 2024

May 15 (Reuters) – Telecom giant AT&T (T.N) has struck a deal with satellite provider AST SpaceMobile (ASTS.O) to deliver a space-based broadband network direct to cell phones, the companies said on Wednesday.

AST SpaceMobile’s shares shot up nearly 33.5% in extended trading.

The Texas-based company plans to dispatch five satellites from Cape Canaveral into low-Earth orbit this summer, aiming to start commercial service.

AT&T head of network Chris Sambar will join AST SpaceMobile’s board as part of the agreement.

The companies have been working together since 2018 under a memorandum of understanding.

@ Thomson Reuters 2024

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