AT&T to invest $14 billion in wireless, wireline networks

AT&T said it plans to expand its U-verse TV, Internet and VoIP phone service to 33 million homes and increase the speeds of its Internet product to up to 75 Mbps. Of the $14 billion investment, $8 billion will go to the wireless network. The latest plan, which AT&T calls Project Velocity IP, dedicates the remaining $6 billion to improving the company's fiber-optic, broadband networks.

The company is going to upgrade phone lines with a less expensive technology to serve an additional 24 million homes. In all, these upgraded lines will serve three-quarters of homes in AT&T's service area.

"This is a major commitment to invest in 21st Century communications infrastructure for the United States and bring high-speed Internet connectivity," said Randall Stephenson, AT&T's chief executive officer in a statement. "We have the opportunity to improve AT&T's revenue growth and cost structure for years to come, and create substantial value for shareowners."

Dallas-based AT&T is the country's largest wired phone company, serving 33 million traditional phone lines in 22 states. It's the second-largest wireless carrier, after Verizon Wireless.

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