iPhone 5 Release Date: iPhone 4S Confirmed on Sprint Network

The "Let's Talk iPhone" media event has concluded and it has been confirmed that recently unveiled iPhone 4S will now also be powered by the Sprint network.

Until now, AT&T and Verizon were the sole carriers of the iPhone in the United States.

However, rumors have been rampant about the iPhone being released on the Sprint network preceding the unveiling.

Many have noted that Sprint has recently updated its smartphone termination fee to $350 and decreased its return window policy from 30 days to 14 days, seemingly preparing for a major phone release.

However, the carrier has mostly remained quiet about any affiliation with Apple.

Recent reports have indicated that Sprint has struck a $20 billion deal with Apple that will obligate the network to purchase 30.5 million iPhones over the over the next four years.

Commentators project that Sprint will suffer a loss of approximately $1.5 billion until 2014 due to the fact that as per the deal, the company must buy the phones regardless of whether or not they sell.

The network hosts just over 52 million subscribers, while Verizon hosts approximately 106 million and AT&T hosts nearly 99 million.

Commentators say that Sprint has undertaken a steep bet as AT&T and Verizon have collectively sold 12 million iPhones in the first half.

Unless every Sprint user buys an iPhone, the network may find it difficult to sell all of those handsets.

Nevertheless, the latest generation, the iPhone 4S will begin taking pre-orders on October 7 and will begin shipping on October 14.

The iPhone 4S is priced at $199 for the 16GB, $299 for the 32GB and $339 for the 64GB.

The iPhone 4 is being downsized to an 8GB phone and will sell for $99.

The iPhone 3GS is also being downgraded to an 8GB phone and will be free.

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