T-Mobile stock rises after announcement of Layer3 acquisition, forthcoming TV service
Shares of T-Mobile US rose 1.2% in Wednesday morning trading after the company announced that it would be acquiring a TV-technology firm and would debut a new TV offering next year. T-Mobile signed an agreement to acquire Layer3 TV, which currently provides cable and internet service in Chicago and Washington D.C., among other markets, and lets users integrate their Facebook and Pandora accounts on their TV screens. T-Mobile said it would leverage Layer3's technology to create its new TV service. Terms of the deal weren't disclosed. T-Mobile shares have gained 12% so far in 2017, compared with a 19% rise for the S&P 500 Index .
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