Sprint today debuted a new limited-time promotion called “Cut Your Bill in Half Event,” and the deal works exactly as it sounds.

Starting this Friday, AT&T and Verizon customers can have their current rate plan slashed by 50 percent if they switch to Sprint. The program is fairly straight-forward: Upload a copy of your current bill online, bring a copy of that bill and your phone to a Sprint store, and pick out a service plan that “most closely matches the data allowance in your current monthly rate plan.” You’ll also receive unlimited talk and text.

Sprint CEO Marcelo Claure.

There are a few other rules to be aware of. You’ll need to turn in your current phone — must be in working condition — and buy a new phone from Sprint either in full or using its Easy Pay installment billing program. More info is here at this FAQ.

In a statement, Sprint CEO Marcelo Claure said that “this is not just a promotion. This will be the customer’s ongoing price.” The company is also offering to buy customers out of their current AT&T or Verizon contracts — up to $350 per line on a Visa Prepaid Card.

The promotion comes as Sprint tries to maintain its position as the third-largest U.S. carrier behind AT&T and Verizon. It’s worth noting that Sprint is not going after T-Mobile, the nation’s fourth-largest carrier, with this new deal. For the past year, T-Mobile has implemented a series of its own offerings as part of the company’s “Uncarrier” strategy under CEO John Legere and reported a net addition of 2.3 million subscribers during the third quarter.

Sprint had been interested in acquiring T-Mobile this year, but the company gave up those aspirations in August, when the former CEO Dan Hesse left the company and Claure took over. Sprint is now taking drastic measures, including upgrading its network and offering discounted rate plans to lure back unhappy customers. Last month, the company reported second-quarter results that fell way below expectations, and said it would lay off 2,000 employees as it tries to bring costs under control.

Taylor Soper is GeekWire's managing editor, responsible for coordinating the newsroom, planning coverage, and editing stories. A native of Portland, Ore., and graduate of the University of Washington, he was previously a GeekWire staff reporter, covering beats including startups and sports technology. Follow him @taylor_soper and email taylor@geekwire.com.