March 18, 2018

Sprint pops after seeking investment from Warren Buffett (S)

15 July 2017, 02:13 | Kevin Scott

Source Sprint

Sprint Corp Stock

Sprint Corp. jumped as much as 4.5 percent after the Wall Street Journal reported its controlling shareholder SoftBank Group's Masayoshi Son held talks with billionaires Warren Buffett and John Malone about a deal involving the wireless company. Sprint CEO Marcelo Claure is also involved in the negotiations, the sources said.

The Journal reported that details of the deal are still unclear, but could be an over $US10 billion investment in Sprint from Berkshire Hathaway.

Shares of Sprint were up 5 percent at $8.62 in afternoon trading on Friday. Talks are in the early stages and could still fall apart, the people added. The company has a market cap of $32.75 billion. Sprint, Berkshire Hathaway and Liberty Interactive have yet to comment on the matter.

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The Malone company is the biggest shareholder in No. 2 US cable company Charter Communications Inc.

Sources said last month that Sprint has entered into a two-month period of exclusive negotiations with Malone's Charter Communications Inc and Comcast Corp that has put its merger talks with USA wireless peer T-Mobile US Inc on hold till the end of July. But that agreement does not prevent Malone from engaging in discussions.

It's no surprise that Son would talk with Malone, a media mogul who is chairman of Douglas County-based Liberty Broadband Corp.

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