Microsoft invests $600 million in Nextel

Microsoft Corporation has agreed to invest $600 million in NextelCommunications, a provider of integrated wireless communications, inexchange for Nextel's use of a co-branded version of the MSN portal Website. Nextel customers will be able to use the new MSN site as a way to keepin touch online while they're on the go: email, calendar, address bookcontacts, and Web-based content will all be made available.

"Microsoft and Nextel will deliver the next generation of wireless servicesto enable people everywhere to stay in touch with the information they need,regardless of location," said Bill Gates, chairman and CEO of Microsoft."The combination of Microsoft platforms, including Windows CE-based devices,with MSN services and Nextel's highly functional network and serviceinfrastructure will enable these powerful new services to be deliveredefficiently and effectively to benefit the widest range of customers."

Nextel and Microsoft expect to have these new services up and running laterthis year. Nextel customers will be able to choose between a range ofdevices, including digital assistants, Palm computers, PCs, and WindowsCE-based set-top boxes. Nextel will also assist Microsoft in its developmentof a new version of Internet Explorer for wireless devices