Without being a part of a larger entity, the joint venture had little hope, said Nordberg, the Sony Mobile head.

CNN: Mark Milian,

According to documents filed Monday with the U.S. Securities and Exchange Commission, the IPO would be conducted by MGM Resorts International's joint venture with Pansy Ho, a local entity, though the timing and terms have not been determined.

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Pacific Crest Securities Senior Research Analyst Steve Clement said that the new mobile broadband company is a pretty good deal for Sprint because it will retain majority control of the entity without having to contribute any cash into the venture.

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