CNBC reports that Sprint backs off T-Mobile deal; Hesse out as Sprint CEO

Something big is happening at Sprint. According to a tweet sent by CNBC's David Faber, the nation's third largest carrier has decided to abandon its pursuit of T-Mobile. Additionally, Faber reports that Dan Hesse will be replaced as CEO of Sprint, tomorrow. The shares of both companies have dropped sharply in response to the news, with T-Mobile down 6% to $31.85, and Sprint's shares off 2.5% to $7.10.



While Sprint never officially made a bid for its rival, it was believed that a deal had already been agreed upon, and would be announced next month. But apparently, SoftBank executives, including ...



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