Jobs' hands-on approach led to iPhone revenue-sharing deal with AT&T

Former Apple (NASDAQ:AAPL) CEO Steve Jobs died nearly two years ago, but many are still marveling over his business accomplishments. In an interview with Forbes, Raj Aggarwal, a consultant who worked with Jobs as Apple was preparing to launch the original iPhone in 2007, recalled how Jobs was intensely hands-on in the negotiations with Cingular Wireless, now AT&T Mobility (NYSE:T), in creating the revenue-sharing deal that prevailed for the first iPhone, which Apple introduced in 2007. Part of the deal stemmed from Jobs' "willingness to make demands that others perceived as outrageous, and his nerve to bet major resources," Forbes notes. AT&T was nervous about the deal, and Jobs thought that Apple should offer AT&T $1 billion and let the carrier keep the money if the deal didn't work out (Apple had only $5 billion in cash at the time). Apple did not wind up giving AT&T the money, but Aggarwal was impressed with Jobs' willingness to take risks. Article.

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