Sprint and T-Mobile end merger negotiations

With T-Mobile Deal All But Dead, Softbank Looks To Charter

The two companies have said they hoped to find a way of merging to make the wireless market more competitive. Neither Sprint nor T-Mobile immediately replied to requests for comment by CNNMoney.

Over the past few weeks, numerous merger updates have bubbled up from anonymous sources.

Shares of Sprint and T-Mobile tumbled Monday after rumors emerged that merger talks between the two companies were fizzling. Claure, the Sprint CEO, is also a member of SoftBank's board.

Sprint and its owner, the Japanese conglomerate SoftBank, have always been looking for a deal as the company has struggled to compete on its own. Merger talks then seemed to break down, only to be revived again a couple days ago.

Legere's statement called the prospect of combining with Sprint "compelling for a variety of reasons". "However, we have been clear all along that a deal with anyone will have to result in superior long-term value for T-Mobile's shareholders". According to Bloomberg reports, SoftBank made an offer to buy Charter in July, but this was rejected, with Charter set to launch its own mobile services next year running on Verizon's network.

Sprint President and CEO Marcelo Claure said that "while we couldn't reach an agreement to combine our companies, we certainly recognize the benefits of scale through a potential combination". SoftBank founder and CEO Masayoshi Son reportedly did not want to give up control of Sprint. The company had eyed the Deutsche Telekom company as a way to grow its own footprint in the U.S. and take on the two big carriers in the nation, AT&T and Verizon. But with the new Trump administration, it was thought regulators might be more relaxed about a merger. Based in Bellevue, Washington, T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS.

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