Reports: Sprint gives up on T-Mobile merger; CEO Dan Hesse out

Gigaom

Sprint(s s) is dropping its pursuit of T-Mobile(s tmus) as the acquisition’s chances of passing regulatory muster fade, according to a breaking news item from the Wall Street Journal. And the bungled deal may have cost CEO Dan Hesse his job; Bloomberg is reporting that Sprint will announce a new CEO as soon as tomorrow.

Re/code is reporting that the interim CEO will be Brightstar founder and CEO Marcelo Claure. He joined Sprint’s board in January after Sprint’s corporate parent SoftBank bought a controlling stake in Brightstar last year. Brightstar handles the phone distribution and logistics for the major U.S. carriers.

Sprint never officially made a bid for its smaller rival, so there is technically nothing to withdraw. But for the last six months Sprint chairman and SoftBank CEO Masayoshi Son has made it plain T-Mobile was in his sights and tried to convince both regulators and the public the creation…

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By J. Catherine Andrew Posted in Blog

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