Sprint No Longer Wants T-Mobile

    A woman talks on her phone as she walks past T-mobile and Sprint wireless stores in New York July 30, 2009. Sprint Nextel Corp posted a wider quarterly loss and revenue fell 10 percent as the No. 3 U.S. mobile service continued to lose valuable post-paid monthly bill-paying customers, sending its shares down almost 12 percent. REUTERS/Brendan McDermid (UNITED STATES BUSINESS) - RTR268G5

    Brendan McDermid/Reuters

    Reuters is reporting that Sprint has given up its bid to acquire T-Mobile U.S. due to resistance from regulators. Sprint, which is No. 3 in the U.S. behind AT&T and Verizon, has not ruled out a future deal. Sprint is owned by Japan’s SoftBank Corp., and one of its executives told Reuters, “We didn’t think the opposition would be this strong.” Sprint will also reportedly appoint a new CEO after the deal fell through. The end of Sprint’s pursuit may open up room for a new buyer such as French firm Iliad. Iliad was rejected earlier after making a lower bid than Sprint.

    Read it at Reuters