AT&T Inc. said on Monday it had raised its spending plan for its new Internet and video service, called U-verse, by up to $1.4 billion, although it scaled back its end-2008 target for the roll-out.
The top U.S. phone company said it plans to spend $6 billion to $6.5 million on U-verse, which promises a high-definition video and ultra-high speed Internet service, compared to its initial plan to spend $5.1 billion.
AT&T said the increase in spending on U-verse will not affect its outlook for overall capital expenditure in 2007 and 2008.
Despite the higher spending, AT&T said it expects the service to be "passed," or made available, to 18 million homes in its traditional
13-state territory by end-2008, down from an initial estimate of 19 million homes.
Copyright 2007 Reuters Limited.
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