Tens of millions nationwide to have access to the "Quadruple Play" integrating video, voice, Internet and wireless capabilities -- Sprint Nextel Corporation, Comcast Corporation, Time Warner Cable, Cox Communications and Advance/Newhouse Communications announced they will form a joint venture that will accelerate the convergence of video entertainment, wireline and wireless data and communications products and services to the approximately 41 million customers currently served by four of the country's largest cable companies as well as to Sprint's nearly 46 million wireless subscribers. The venture has the potential to serve approximately 75 million homes currently passed by the cable companies.
The companies in the joint venture will work to develop converged next generation products for consumers that combine the best of cable's core products and interactive features with the vast potential of wireless technology to deliver services anywhere, any time. Leveraging the expertise, technical leadership and customer focus of Sprint and four of the largest, most successful cable and broadband communications companies will provide millions of customers access to the most advanced integrated entertainment, communications and wireless products available anywhere in the United States.
The joint venture, which is mutually exclusive for three years and has a 20-year term, calls for a combined initial financial commitment of $200 million, $100 million of which will be committed by Sprint and $100 million of which will be committed collectively by the cable companies. The investment is expected to be used to fund the development of the converged services, national marketing initiatives and back office integration. The companies contemplate additional participation from other cable companies.
Meanwhile, Comcast will begin marketing its services through more than 1,800 RadioShack retail locations. Until December 31, customers who sign up for Comcast High-Speed Internet through RadioShack will receive the flagship 6Mbps Internet service for $19.99 for the first six months. They will also receive a free self-install kit, with a mail-in rebate and a free cable modem.
The companies in the joint venture will work to develop converged next generation products for consumers that combine the best of cable's core products and interactive features with the vast potential of wireless technology to deliver services anywhere, any time. Leveraging the expertise, technical leadership and customer focus of Sprint and four of the largest, most successful cable and broadband communications companies will provide millions of customers access to the most advanced integrated entertainment, communications and wireless products available anywhere in the United States.
The joint venture, which is mutually exclusive for three years and has a 20-year term, calls for a combined initial financial commitment of $200 million, $100 million of which will be committed by Sprint and $100 million of which will be committed collectively by the cable companies. The investment is expected to be used to fund the development of the converged services, national marketing initiatives and back office integration. The companies contemplate additional participation from other cable companies.
Meanwhile, Comcast will begin marketing its services through more than 1,800 RadioShack retail locations. Until December 31, customers who sign up for Comcast High-Speed Internet through RadioShack will receive the flagship 6Mbps Internet service for $19.99 for the first six months. They will also receive a free self-install kit, with a mail-in rebate and a free cable modem.