T-Mobile has agreed to acquire cable startup Layer3 TV and plans to launch a streaming television service in 2018. (THR)
“People love their TV, but they hate their TV providers,” boasted T-Mobile president and CEO John Legere while announcing the deal. “And worse, they have no real choice but to simply take it—the crappy customer service, clunky technology and outrageous bills loaded with fees.” (Adweek)
Financial terms were not disclosed. Denver-based Layer3 has raised about $80 million from investors including Evolution Media, whose backers include CAA and Jeff Skoll’s Participant Media. (Deadline)
T-Mobile didn’t provide any details about what its forthcoming over-the-top TV offering will look like or what it will cost. Layer3 TV’s broadband-delivered subscription TV service is currently available in five U.S. cities: Denver (where the company is based); L.A.; Chicago; Washington, D.C.; and Dallas/Fort Worth, Texas. (Variety)