We grant Sprint's petition. As the Commission indicated when it approved up to 28 percent foreign ownership in Sprint in December 1995, additional foreign equity contributions will enhance Sprint's ability to expand and improve its network services and products to the benefit of U.S. consumers. Sprint is a publicly-traded U.S. corporation that owns or controls subsidiaries that hold domestic common carrier microwave licenses, international facility authorizations, cable landing licenses, and other Commission licenses and authorizations. Sprint conducts its businesses through subsidiaries. Sprint's long distance subsidiary is the third largest U.S. carrier of long distance services, providing voice, data and video services over a nationwide digital, fiber optic network.
Sprint provides a broad spectrum of domestic and international voice and data services.
It found that FT's and DT's consent rights regarding matters such as issuance of new equity, the sale of assets, certain business combinations, and entry into telecommunications and non-telecommunications businesses, as well as certain voting rights, did not rise to the level of a transfer of control. The Commission further noted that FT and DT expressed intent not to control Sprint and no evidence was presented to the contrary. Sprint's Petition 7. In its petition, Sprint asserts that the increase in its foreign ownership from 28 percent to 35 percent will result from passive, widely dispersed investors whose individual equity positions will not exceed one percent of Sprint's capital stock. Sprint argues these investors will have neither the interest nor the ability to control Sprint.