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Sprint PCS (initially known as The Sprint Telecommunications Venture) was created in late-1994 by Sprint Corp and three cable TV companies to create a nationwide PCS network and to package local telephone, long-distance, and wireless communications with cable services into a single offering for consumers and businesses. In June 1998, Sprint announced a restructuring agreement under which it would assume ownership and management control of Sprint PCS. The agreement - implemented in November 1998 - saw Sprint issue new Sprint PCS tracking stock to track the performance of its combined wireless operations. During the restructuring, other wireless assets owned by Sprint, via its SprintCom subsidiary, were combined with those of Sprint PCS.
In April 2004, Sprint recombined its two tracking stocks. Each share of PCS common stock automatically converted into 0.5 shares of FON common stock. The FON Group and the PCS Group ceased to exist, and FON common stock represented all of the operations and assets of Sprint, including wireless, local, and long-distance.
Sprint PCS operates a 100% digital PCS network with licences to provide service to the entire US population, including Puerto Rico and the US Virgin Islands, using a single frequency band and single technology. Together with third-party affiliates, the company operates PCS systems in over 350 metropolitan markets, including the 100 largest US metropolitan areas, and reaches 250 million people. Combined with wholesale partners and Sprint PCS affiliates, Sprint's wireless operations served 24.7 million subscribers at the end of 2004.
Sprint, now known as Sprint Nextel Corporation following its merger with Nextel Communications, wholly owns Sprint PCS.
