Sprint and T-Mobile end merger talks, saying they couldn’t reach an agreement

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  • T-Mobile and Sprint are in active talks about a merger, according to people close to the situation.
  • While T-Mobile CEO John Legere is expected to lead any combination that results from a merger, Softbank’s Masayoshi Son has made it clear he wants a say in how the company is run.
  • Talks between Sprint and T-Mobile for a possible merger have come to a halt, both companies announced on Saturday, ending weeks of discussions that had the potential to reconfigure the mobile industry.

    The two carriers have been huddled for weeks, but reports suggested talks hit several hurdles. In what was seen as a last-ditch bid to salvage a merger, both sides came together this weekend.

    “The prospect of combining with Sprint has been compelling for a variety of reasons, including the potential to create significant benefits for consumers and value for shareholders,” said John Legere, President and CEO of T-Mobile U.S., in a statement.

    “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 compared to our outstanding stand-alone performance and track record,” he added.

    Last week, reports surfaced that SoftBank, the Japanese conglomerate that controls Sprint, was planning to end talks with T-Mobile, whose parent is Deutsche Telekom.

    Deutsche Telekom representatives were believed to visit SoftBank’s Masa Son this weekend, sources told CNBC.

    –CNBC’s David Faber contributed to this report.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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