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.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Explore More

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.