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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.