company, marketing the combined company as "One Sprint". In April 2004, the separately traded wireless tracking stock, "PCS", was absorbed into the New York Stock Exchange (NYSE) "FON" ticker symbol, Sprint's former ticker symbol. (FON stood for "Fiber Optic Network", which was Sprint's bragging right, but was also a homophone of the word "phone"). This was challenged in many lawsuits by Sprint PCS shareholders claiming the stock was devalued through the ratio of 1 share of PCS stock for 1/2 share of FON stock. Sprint agreed to settle with the shareholders for $57.5 million. Merger with Nextel and Embarq spinoff In December 2004, Sprint announced it would acquire NEXTEL Communications, renaming itself Sprint Nextel, and planned to spin off their local telephone operations. The $35 billion deal was completed in August 2005. In February 2006, the new name and logo for the spin-off, which is called Embarq, were revealed. The spin-off was completed in May 2006. Acquisition by CenturyTel On October 27, 2008, Embarq announced that it would be acquired by Monroe, Louisiana-based CenturyTel, Inc. in an all-stock transaction valued at $11.6 billion, including the assumption of $5.8 billion in Embarq's debt. CenturyTel's CEO Glen Post became CEO of the combined company. On June 2, 2009, CenturyTel and Embarq announced that the combined entity would be called CenturyLink. The acquisition was completed on July 1, 2009. The change to CenturyLink took place in October 2009. Former coverage area Embarq's coverage territory included that of the former incumbent local exchange carrier companies of Carolina Telephone & Telegraph, United Telephone Company, and Centel. Embarq provided its local service in 19 states. Products Embarq focused on sales of landline telephone service, high-speed internet, and DISH Network satellite TV. Embarq offered bundled services to their customers, with the convenience of one monthly bill and offered discounts for adding additional services. Embarq telephone service was a traditional landline Plain-old telephone system (POTS). Common offerings included features such as Caller ID, Call waiting, 3-way calling, Call forwarding, Voice mail, and Anonymous call rejection. Embarq offered many long-distance plans, including unlimited domestic direct-dialed calling. Depending on market and geographical region, Embarq offered several high-speed internet technologies. Embarq covered the majority of their territory with ADSL at speeds of 768 kbit/s, 1.5 Mbit/s, 3.0 Mbit/s, or 5.0 Mbit/s as line conditions allowed. In September 2007 Embarq began offering 10.0 Mbit/s to customers in Las Vegas. Beginning in January