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Sprint Rescinds Bid for T-Mobile

Reports say that Sprint has abandoned its bid for T-Mobile after months of discussions of Sprint buying the carrier. The reports suggest that the regulatory hurdles would prevent any merger of the two companies. There have been dozens of rumors of  companies from Dish to DirecTv wanting to buy the mobile carrier. A merger would have hurt consumers with only three major carriers remaining after a large merger.

Bloomberg also reports that current Sprint CEO Dan Hesse, has step down and there could be a replacement as soon as tomorrow. Subscribers have been leaving in droves and the company has been losing money left and right, but the company has struggled to compete with the two big contenders and T-Mobiles uncarrier marketing campaign.

Sprint has a surprise event planned for Aug. 19, so we could see something that could bring Sprint back from the out field. Tell us in the comments below what you think about Sprint abandoning its bid for T-Mobile. I personally was looking forward to a merger, but I also knew for the overall market it would become a large problem quickly.