NewsBreak: T-Mobile-Sprint Merger Wins Majority Support at FCC – Report

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© Reuters. © Reuters. – T-Mobile’s bid to acquire rival Sprint has won a third “yes” vote at the Federal Communications Commission, moving the proposal a step closer to closing, according to Bloomberg News.

  • T-Mobile (NASDAQ:) was up 1.05% in early afternoon trading. Sprint (NYSE:) jumped 2.6%.
  • The third vote will come from Commissioner Brendan Carr and could see the FCC approve the deal in “coming days.” The three votes came from Republican members of the commission. Democrats haven’t voted, but have sought a delay. FCC rules require action by Oct. 9 or Oct. 16 if the commissioner wants an extension.
  • Sprint and T-Mobile have agreed not to close the deal until after a December trial in a suit brought by multiple states charging the merger will reduce competition and raise consumer prices. Supporters say the merger will bring advanced 5G networks and create a strong rival to AT&T (NYSE:) and Verizon Communications (NYSE:).
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