Updated from 8:20 a.m. EST Sprint undefined and Nextel undefined confirmed their $35 billion merger Wednesday, setting ambitious plans for growth along with extensive cost-cutting. The combined company is to be called Sprint Nextel, with operational headquarters in Sprint's hometown of Overland Park, Kan. Sprint Chief Gary Forsee will run the company, which will be the third-largest U.S. wireless carrier behind Cingular and Verizon Wireless, boasting about 39 million subscribers. Nextel Chief Tim Donahue will be chairman. "Sprint Nextel is expected to have the highest average revenue per user (ARPU) in the wireless industry and to be positioned to lead the industry in sustainable revenue growth," the companies said in their Wednesday morning press release. "Sprint Nextel will be well positioned in the fastest-growing areas of the telecommunications industry, including mobile data and push-to-talk services, where Sprint and Nextel are innovators in technology."