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Report: Sprint is dropping its T-Mobile takeover bid, naming new CEO

Sprint's summer flirtation with buying smaller competitor T-Mobile is over, Bloomberg Businessweek reports, citing "a person with knowledge of the matter." The deciding factor in Sprint dropping its reported $32 billion bid for T-Mobile was the likelihood that U.S. antitrust regulators would block the deal.

At the same time, Bloomberg says, Sprint is replacing CEO Dan Hesse — the guy in the commercials — with Marcelo Claure, the founder of cellphone distributor Brightstar Corp. Sprint and T-Mobile are the No. 3 and 4 U.S. wireless companies, respectively, after Verizon and AT&T.