Charter Communications declines a merger with Sprint

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In Tuesday’s pre-market deals Sprint was up 3
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01 August, 2017

Shares of Sprint jumped almost 11% this morning after the carrier posted its first quarterly profit in three years and added 88,000 net postpaid subscribers.

Sprint added 88,000 net postpaid (contract) subscribers in the first quarter, compared to net additions totaling 173,000 in the prior year quarter.

Some industry analysts previously speculated that SoftBank had no expectations of Charter agreeing to any kind of a merger and has simply submitted a bid in an effort to gain more leverage in its upcoming consolidation talks with T-Mobile that are expected to resume in the coming days after being put on hold for two months due to the aforementioned exclusivity negotiation period that Sprint agreed to enter alongside Comcast and Charter itself.

"The talks with T-Mobile have been encouraging, the talks with other partners have been encouraging", Claure told reporters.

Sprint CEO Marcelo Claure said that the profit was "an important milestone" for the carrier on its way to transform its cost structure. Postpaid phone gross additions also grew for the sixth consecutive quarter and were the highest first-quarter result in five years.

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There are also restrictions on movement, as military and police have checkpoints "throughout the country", the report says. The "security of the students is of paramount importance to FIRST Global", the organization wrote in a statement Thursday.

"We've been going at this since the spectrum auction ended", Claure said. "We have a very good MVNO relationship with Verizon and intend to launch wireless services to cable customers next year", Alex Dudley, Charter spokesman, said in a statement.

Doing so would combine Charter's more than 23 million landline broadband customers, and more than 17.1 million pay TV subscribers, with a wireless company looking for assets to compete with vertically integrated giants Verizon and AT&T. Son tried to engineer a merger between the two back in 2013, after SoftBank's $21.6 billion acquisition of Sprint, and has recently resumed his pursuit. Revenue for the quarter was $8.16 billion, up from $8.01 billion past year. After rallying more than 130% in 2016 in anticipation of a corporate turnaround, as of Monday afternoon Sprint stock was down just a bit year-to-date largely because evidence of that turnaround remained obscured.

Analysts had been expecting a loss of 1 cent a share on revenue of $8.16 billion, according to Factset.

Shares of Sprint Corp. rose 82 cents, or 10 percent, to $8.80 in late morning trading. But he said that the cost savings and potential benefits of hooking up with another phone company or a cable company would leave Sprint in a better position.


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