In this weekly column on the state of Reston’s local economy we explore what’s happening in the business scene.
Comcast has named Reston as a possible location for new 100 megabit per second cable, which would be more than 12 times faster than their current speed. This new system would compete with Verizion’s FIOS service. Comcast is also investigating new technologies that would bridge the divide between real television and the Internet.
Sprint Nextel rejected a $5 billion investment deal. Sprint won’t comment on any specifics, but the Wall Street Journal has reported that South Korea based SK Telecom and Providence Equity Partners would invest the money in exchange to put one of their men in charge as CEO. In early October Sprint’s CEO Gary Forsee resigned.
The chairman of Sallie Mae will be taking on a new roll of executive chairman. Lord Sanders has been leading his company through a difficult time with a rival investor group trying to take over Sallie Mae. This move helps SLM to better fend off moves the investment group.
In more Sprint news, the CEO says he sees “Steady growth in 2008.” Sprint has been loosing customers in droves due to increased competition from AT&T and the low voice quality of it’s services. To bring in new customers, and prevent old ones from leaving Sprint Nextel plans on improving marketing and customer loyalty program.
The executive of Tysons Corner Center is moving to the Reston Town Center. Kathy Hannon has cited “Quality of life” as reason for leaving Tysons. She is concerned the wave of construction that Tysons Corner is expected, in particular the 3.5 million square feet expansion at Tysons Corner Center.
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