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Venture Capital Letter Backing AT&T-T-Mobile

Venture Capital Letter Backing AT&T-T-Mobile

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Published by DealBook
Letter from eight venture capitalists to the Federal Communications Commission supporting AT&T's $39 billion deal for T-Mobile USA.
Letter from eight venture capitalists to the Federal Communications Commission supporting AT&T's $39 billion deal for T-Mobile USA.

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Categories:Business/Law, Finance
Published by: DealBook on Jun 07, 2011
Copyright:Attribution Non-commercial

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06/07/2011

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Julius Genachowski, ChairmanFederal Communications Commission445 12
th
Street, SWWashington, D.C. 20554June 6, 2011
WT 11-65:
In the Matter of applications of AT&T Inc. and Deutsche Telekom AG for consent toassign or Transfer Control of licenses and Authorizations
Dear Chairman Genachowski:As our economy recovers, technology start-ups will help lead the way in creating new jobs andreviving struggling communities. To get off the ground, these growing companies rely on initialfinancial backing from a small community of venture capital firms. According to the NationalVenture Capital Association, each year, the venture capital community generates roughly $3trillion in revenue, puts more than 12 million people to work, and accounts for more than one-fifth of the total economy.Many of the fast-growing companies we invest in are technology firms that would benefitgreatly from the combination of AT&T and T-Mobile, a merger that will drive job growth,innovation and economic opportunity through a more efficient and robust national wirelessnetwork. From the mainframe to the PC to the microchip and the Internet, venture capitalistsare an integral part of an economic model that has proven to be successful time and time again.In our estimation, the greatest opportunity for economic growth involves wireless broadbandand mobile devices. But this great growth opportunity faces a major impediment with thelooming prospect of 
“spectrum exhaust”:
overcrowded networks will be unable to provide thebandwidth required for the exciting new applications and other innovative ideas that are now
being developed by tomorrow’s
successful companies.We encourage policymakers to continue their efforts to free up the spectrum necessary toenable all network providers to construct next-generation broadband networks. In AT&T
’s
andT-
Mobile’s merger application
s, however, the companies make clear the near-term difficultiesthat carriers currently face: market-specific capacity issues coupled with longer-term spectrumneeds that will delay or prevent the deployment of these next-generation wireless broadbandnetworks.By combining the physical infrastructure and spectrum positions of the two companies, themerged entity will be able to accomplish what neither firm can do on its own: namely,deploying a 4G LTE broadband infrastructure to more than 97% of the United States population.

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