Updated: Qwest Inks Deal With Verizon Wireless; Sprint Is Likely Out Of The Picture

With all the fuss today about Sprint Nextel’s future, this is a piece of news I’m sure they rather not get out. Qwest announced today that it has signed a five-year agreement with Verizon Wireless for Qwest to market and sell Verizon Wireless services beginning this summer. Financial terms were not disclosed. There’s no word yet on whether this means that Qwest is no longer working with Sprint, but it’s probably only a matter of time…Qwest had previously voiced its concerns over its relationship with Sprint and had acknowledged it was in talks with other companies, including Verizon Wireless (NYSE: VZ). Release.

The contract between Qwest and Verizon sounds far more extensive than the one with Sprint (NYSE: S). Customers will have access to the full line of Verizon phones and devices, PC cards and multimedia services, and even be able to choose a “wireless only