S - Sprint Corporation

NYSE - NYSE Delayed Price. Currency in USD
5.91
-0.20 (-3.27%)
At close: 4:00PM EST

5.92 +0.01 (0.17%)
After hours: 7:41PM EST

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Trade prices are not sourced from all markets
Previous Close6.11
Open6.06
Bid5.90 x 40700
Ask5.92 x 38800
Day's Range5.84 - 6.12
52 Week Range5.44 - 8.06
Volume19,812,884
Avg. Volume12,476,079
Market Cap24.189B
Beta (3Y Monthly)0.27
PE Ratio (TTM)N/A
EPS (TTM)-0.66
Earnings DateJan. 29, 2020 - Feb. 3, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2007-12-05
1y Target Est6.30
  • Adam Neumann's Older Look-Alike Might Make We Work
    Bloomberg

    Adam Neumann's Older Look-Alike Might Make We Work

    (Bloomberg Opinion) -- John Legere may be exactly the kind of CEO WeWork needs. He brings much of the eccentricity and charisma that was initially appreciated about ousted founder Adam Neumann, but without all the headaches and liabilities. Is Legere ready to retire his closet of magenta T-shirts? We Co., the parent of the beleaguered office-sharing startup, is in discussions to recruit Legere, the current head of wireless carrier T-Mobile US Inc., as its next CEO,  the Wall Street Journal reported on Monday. The talks come after WeWork’s plans for an initial public offering imploded in grand fashion in recent weeks, as a litany of questionable decisions and conflicts of interests involving then-CEO Neumann came to light in a saga that has captivated Wall Street. WeWork, for a short time one of the world’s most valuable startups, had said in its summer IPO prospectus that its “future success depends in large part on the continued service of Adam Neumann.” Weeks later, Neumann was considered such a risk that the company decided it was better to effectively give him $1.2 billion to step away.Hiring Legere would immediately help improve WeWork’s tarnished reputation, though repairing the business is another story. Office vacancies increased in the third quarter, and the company was at risk of running out of cash next year. Legere’s garish style and hectoring on Twitter may also cause some to wonder whether he’s just another Neumann; it’s certainly hard not to notice the physical resemblance between the long hair, loud personality and signature T-shirt-and-sports-coat pairing.But few CEOs can say they’ve taken on a challenge as difficult as reviving T-Mobile — and succeeded. That’s Legere’s claim to fame. As I wrote in July 2018, even the groaners who are tired of his shtick and Twitter snark can’t argue against his track record.When Legere became CEO of T-Mobile in 2012, it was a distant fourth-place competitor in the U.S. wireless market and losing customers. Now it’s the fastest-growing member of the industry, and its displaced Sprint as the No. 3 carrier. T-Mobile’s lower-priced plans and marketing mojo have even given AT&T Inc. and Verizon Communications Inc. a run for their money. In the last five years, shares of all its closest rivals advanced anywhere from 12% to 21%. T-Mobile’s nearly tripled. Legere may seem like an odd choice given that he’s spent his career working in the telecommunications and technology industries. The connection becomes clearer when considering SoftBank Group Corp.’s role. The Japanese conglomerate built by billionaire Masayoshi Son not only controls WeWork — the result of a $9.5 billion rescue package — but also Sprint Corp., T-Mobile’s closest competitor and hopeful merger partner. Sprint Executive Chairman Marcelo Claure, who is also chief operating officer of SoftBank, was tapped to help fix WeWork’s problems. He’s spent a lot of time with Legere these last two years as they worked to sway federal and state officials to support the merger of the two wireless carriers. Legere has done with T-Mobile what Claure and his predecessors couldn’t with Sprint, even as SoftBank injected billions along the way. One might think that WeWork would seek out a lower-profile leader, given the roller-coaster it has been on the past few months; Legere is anything but that. And at 61 years old, it’s a little surprising that he would consider following up such a successful run at T-Mobile with a stint at a company as troubled as WeWork. T-Mobile has become part of his identity — he’s spotted in magenta T-Mobile gear whether he’s going for runs in New York City or filming his Facebook Live cooking show from his kitchen. T-Mobile shareholders wouldn't be happy to see Legere go. Worse, there's the appearance of a conflict of interest if SoftBank is pursuing Legere while the companies are separately renegotiating the terms of the Sprint merger.That aside, it’s clear that Legere likes a challenge, and WeWork is the ultimate one.To contact the author of this story: Tara Lachapelle at tlachapelle@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    WeWork Has Talked With T-Mobile’s Legere in Search for New CEO

    (Bloomberg) -- WeWork is searching for a new chief executive officer to turn around the troubled co-working company, said people familiar with the matter. The candidates include T-Mobile US Inc. head John Legere, who has spoken with WeWork about the role, said the people, who asked not to be identified because the discussions are private.Legere has deep ties to WeWork majority shareholder SoftBank Group Corp., which took ownership of the company after WeWork’s initial public offering broke down. Legere is currently pushing for a contentious merger of his wireless carrier with Sprint Corp., whose majority owner is SoftBank. Sprint’s executive chairman, Marcelo Claure, was recently appointed to the same position at WeWork.But people familiar with the CEO search stressed that WeWork intends to consider many candidates. Although Legere breathed new life into T-Mobile, he has an unpredictable and antagonistic public persona, reflected on his Twitter profile and in conference appearances. He’s also another man, in a company so saturated with male management that Claure has promised to increase diversity.Representatives for SoftBank, T-Mobile and WeWork parent company We Co. declined to comment. The discussions with Legere were reported earlier Monday by the Wall Street Journal. Shares of T-Mobile fell about 2% in intraday trading, while Sprint is down 3%.Adam Neumann, the former WeWork CEO, stepped down in September under pressure from investors over apparent conflicts of interest and mismanagement of the IPO process. Two WeWork executives, Artie Minson and Sebastian Gunningham, took over as co-CEOs. The pair secured multimillion-dollar severance packages with the board last month.Despite getting rescue financing from SoftBank a couple weeks ago, WeWork needs to quickly rehabilitate the business and fill empty space in its offices. The company is expected to soon dismiss thousands of employees.Legere and Claure, a SoftBank executive tasked with cleaning up WeWork, have occasionally sparred in the past. Claure, the former CEO of Sprint, was a T-Mobile antagonist before becoming a potential merger partner. In 2016, he called Legere “a con artist” on Twitter. At one point, Legere told Claure to “go back to the kiddie pool.” But more recently, the two executives have appeared friendlier as they argue in favor of the Sprint-T-Mobile tie-up. In May, they were spotted jogging together in Washington.Meanwhile, Neumann is exploring a potential next act with help from the money he got in his exit from WeWork. He considered investing in Barneys New York Inc. during the luxury department store’s recent bankruptcy, people with knowledge of the matter said Monday.(Updates with shares in the fourth paragraph.)\--With assistance from Gillian Tan and Scott Moritz.To contact the reporters on this story: Sarah McBride in San Francisco at smcbride24@bloomberg.net;Ellen Huet in San Francisco at ehuet4@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: Sprint, ADTRAN, Arista Networks, Altice USA and Viavi Solutions
    Zacks

    The Zacks Analyst Blog Highlights: Sprint, ADTRAN, Arista Networks, Altice USA and Viavi Solutions

    The Zacks Analyst Blog Highlights: Sprint, ADTRAN, Arista Networks, Altice USA and Viavi Solutions

  • CommScope (COMM) Q3 Earnings Surpass Estimates, Shares Up
    Zacks

    CommScope (COMM) Q3 Earnings Surpass Estimates, Shares Up

    Higher revenues, driven by incremental contribution from ARRIS, enable CommScope (COMM) to beat third-quarter 2019 earnings estimates.

  • T-Mobile in talks with Sprint on merger, does not rule out lower price
    Reuters

    T-Mobile in talks with Sprint on merger, does not rule out lower price

    T-Mobile US Chief Executive John Legere on Thursday acknowledged talks are ongoing with Sprint Corp to extend their merger agreement, but he declined to rule out requesting the $26 billion (£20.29 billion) price be reduced. The T-Mobile-Sprint deal, announced in spring 2018, has won regulatory approval from the Justice Department and Federal Communications Commission but faces a lawsuit from more than a dozen state attorneys general seeking to stop the deal. The previous merger agreement expired last week.

  • Telecom Stock Roundup: Sprint, ADTRAN Incur Wider Quarterly Loss & More
    Zacks

    Telecom Stock Roundup: Sprint, ADTRAN Incur Wider Quarterly Loss & More

    Both Sprint (S) and ADTRAN (ADTN) miss bottom-line estimates on lower quarterly revenues.

  • FCC Order Clearing T-Mobile’s Sprint Deal Includes Dissents
    Bloomberg

    FCC Order Clearing T-Mobile’s Sprint Deal Includes Dissents

    (Bloomberg) -- The Federal Communications Commission formally blessed T-Mobile US Inc.’s proposed purchase of Sprint Corp., publishing the decision approved by commissioners in a closed-door vote last month.The combination of the wireless carriers still needs to clear a court challenge brought by states. It was approved by the FCC on a 3-to-2 Republican-led vote on Oct. 16, but publication of the order was delayed.“The transaction will help secure United States leadership in 5G, close the digital divide in rural America, and enhance competition in the broadband market,” FCC Chairman Ajit Pai said Tuesday in a statement.The $26.5 billion deal won Justice Department approval in July as the carriers agreed to sell airwaves to Dish Network Corp. to create a new fourth wireless company and new competitor once Sprint is eliminated as a choice for consumers.T-Mobile and Sprint have agreed not to close their deal until after a decision in a multistate lawsuit. A trial is set for early December.Next HurdleThe states say the combination of the third- and fourth-largest U.S. wireless providers will decrease competition and raise prices in a market that’s already concentrated. The deal’s backers say it will quickly bring advanced 5G networks and create a stronger rival to leaders AT&T Inc. and Verizon Communications Inc.The FCC, in its order, rejected claims the deal would harm consumers.“The transaction would not substantially lessen competition,” the FCC said in the order, in part because low-cost provider Boost Mobile will be divested to Dish, which also receives network access and retail stores to form a new competitor,Two FCC Democrats voted against the merger, saying it’s bad for consumers.“The most likely effect of this merger will be higher prices and fewer options for all Americans,” Commissioner Geoffrey Starks said in an emailed statement. “It will establish a market of three giant wireless carriers with every incentive to divide up the market, increase prices and compete only for the most lucrative customers.”T-Mobile Chief Executive Officer John Legere -- who remade T-Mobile into a maverick competitor by eliminating annual contracts and offering unlimited data plans -- disputes that prices will go up. He insists that by buying Sprint he will be able to better compete against industry leaders Verizon and AT&T, all to the benefit of U.S. consumers.Sprint and T-Mobile are within reach of completing a deal that they have flirted with for years. In 2014, top officials at the Justice Department and the FCC rebuffed an effort by the companies to combine. The carriers returned in 2018, hoping for a more favorable reception from appointees of the Trump administration.Use or LoseThe approval also cancels Dish’s March 7 deadline to use some of its airwaves. Dish had started work on a narrowband network to satisfy the use-or-lose requirement, which could have forced the company to give up some of its airwave licenses.As part of the deal, Dish is committed to cover at least 20% of the U.S. population with 5G broadband by June 14, 2022, and 70% of the population by 2023.Dish faces an assortment of fines related to several bands of airwaves if it doesn’t meet its build-out commitments. The fine is capped at $1 billion.(Updates Dish-related conditions three paragraphs from bottom.)To contact the reporters on this story: Todd Shields in Washington at tshields3@bloomberg.net;Scott Moritz in New York at smoritz6@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • FCC releases order approving Sprint, T-Mobile merger, vote was along party lines
    Reuters

    FCC releases order approving Sprint, T-Mobile merger, vote was along party lines

    The Federal Communications Commission on Tuesday released its order approving T-Mobile US Inc's proposed $26.5 billion (£20.59 billion) tie-up with Sprint Corp in a vote split along party lines. Chairman Ajit Pai and two other Republican commissioners voted to approve the deal while two Democratic commissioners voted against it. The FCC commissioners voted earlier this month but the order was not made public until they could cut confidential information and give commissioners time to draft statements.

  • Zacks

    Sprint's (S) Q2 Loss Wider Than Expected, Revenues Fall Y/Y

    Lower Lifeline program revenues and equipment sales with year-over-year decline in net wireless connections and service revenues negatively impact Sprint's (S) second-quarter fiscal 2019 performance.

  • Sprint (S) Reports Q2 Loss, Misses Revenue Estimates
    Zacks

    Sprint (S) Reports Q2 Loss, Misses Revenue Estimates

    Sprint (S) delivered earnings and revenue surprises of -600.00% and -4.54%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Sprint postpaid subscriber loss lower than expected
    Reuters

    Sprint postpaid subscriber loss lower than expected

    Analysts were expecting a net loss of 145,000 subscribers, according to research firm FactSet. Sprint, the fourth largest wireless carrier by subscribers, has been aggressive in its 5G push, offering the faster mobile technology in nine cities and bundling it with media content like Hulu and Amazom.com Inc's Prime. Net loss attributable to the company was $274 million, or 7 cents per share, in the quarter ended Sept. 30, compared with a net income of $196 million, or 5 cents per share, a year earlier.

  • Bloomberg

    WeWork Chairman Says Diversity Is Coming to All-Male Board

    (Bloomberg) -- WeWork Executive Chairman Marcelo Claure promised the company’s staff that the co-working startup will boost diversity on its all-male board of directors.The company had said last month that it was adding a woman, Frances Frei, upon the completion of its initial public offering. She was not mentioned in a statement Wednesday about governance changes. Frei is no longer expected to join following the withdrawal of the IPO, said a person familiar with the matter who asked not to be identified discussing personnel moves. Frei referred a request for comment to WeWork, which declined to comment.In Claure’s memo to staff sent Thursday that was seen by Bloomberg, he said: “I can assure you that you will see more diversity on the WeWork board and management team.” His message follows the announcement by WeWork late Wednesday that named new representatives to the company’s board: Claure and Raine Group’s Jeff Sine. As it stands, the company’s top three executives are male, and the entire board is composed of men.Shortly after Claure’s memo, WeWork’s commitment to workplace inclusion was further called into question. A former employee filed a complaint with a U.S. civil rights agency alleging discrimination. Medina Bardhi, who was chief of staff to former Chief Executive Officer Adam Neumann, said she was demoted twice after she became pregnant and that Neumann referred to her maternity leave as a “vacation.”The board now has nine men and a male observer, Neumann. SoftBank Group Corp., the largest investor, has the right to appoint two other directors. Lax corporate governance was a major issue for public investors during the IPO process, and the continued lack of a woman should be a concern, said Abby Adlerman, CEO of Boardspan Inc., which offers governance services to companies. “It’s a shocker that they came up with a board that has no diversity in any respect,” she said.WeWork’s parent company We Co. received an early payment this week of $1.5 billion from SoftBank as part of a bailout package. The investment, announced back in January, was originally scheduled for April 2020. The deal was accelerated to rescue the troubled co-working startup after a failed IPO.In his memo, Claure also told staff that WeWork has “no plans to entirely exit any market,” contrary to reports that have suggested it could scale back in markets including China and Latin America.“We are evaluating operations and assets across all markets,” he said, adding that no decisions have been made.Claure addressed another elephant in the room at WeWork -- the fact that many employees have strike prices for their stock that is above the $19.19 price that SoftBank is offering as part of the bailout.“After we launch the tender, we will separately look into employee equity and compensation plans to make sure everyone can share in the company’s upside,” Claure wrote.As for impending job cuts, the Sprint executive told staff “anxiously awaiting clarity” on their future at WeWork that management hoped to have answers in the next month.(Updates with former employee’s complaint in the fourth paragraph.)\--With assistance from Candy Cheng.To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Ellen Huet in San Francisco at ehuet4@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, ;Mark Milian at mmilian@bloomberg.net, Craig GiammonaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • T-Mobile (TMUS) Q3 Earnings Surpass Estimates, Revenues Grow
    Zacks

    T-Mobile (TMUS) Q3 Earnings Surpass Estimates, Revenues Grow

    Accelerated customer growth, record low branded postpaid phone churn, upcoming Sprint merger and high service revenues boost T-Mobile's (TMUS) Q3 financial performance.

  • Telecom Stocks Earnings to Watch on Oct 30: MSI, S, VIAV
    Zacks

    Telecom Stocks Earnings to Watch on Oct 30: MSI, S, VIAV

    Let's take a look at three Telecom stocks that are slated to report results for the September quarter on Oct 30.

  • WeWork's Savior Doesn't Have Such Deep Pockets
    Bloomberg

    WeWork's Savior Doesn't Have Such Deep Pockets

    (Bloomberg Opinion) -- SoftBank Group Corp.’s $9.5 billion bailout has rescued WeWork from the threat of bankruptcy. But make no mistake: The unicorn’s free-spending days are over. Its savior is far from a bottomless pit of money. While WeWork had an eye-watering $22 billion of debt at the end of June plus $47 billion of looming lease-payment obligations, its rescuer isn’t in such great shape either. SoftBank is a junk-rated issuer, with the equivalent of $62 billion in net debt. From now on, founder Masayoshi Son will have to manage his cash pile carefully.The Japanese company has done an excellent job of reinventing itself. Last December, S&P Global Ratings removed its negative outlook after SoftBank listed its domestic telecom unit. Moody’s Investors Service, meanwhile, relabeled the company as an investment firm. That means investors have started to evaluate SoftBank’s debt by comparing it to the market value of its investments, rather than to the company’s cash flow.Against the 26.6 trillion yen ($245 billion) value of its portfolio, SoftBank’s 6.7 trillion of net debt looks comfortable. Much of that is attributable to a 26% stake in Alibaba Group Holding Ltd., now worth about $116 billion. Last month, Moody’s shrugged off the resignation of Adam Neumann as WeWork’s CEO, noting that even a 50% devaluation of We Co. would only be about 1% of SoftBank’s investment portfolio. Likewise, SoftBank would be able to absorb potential writedowns of as much as $7 billion at the Vision Fund because of the value of its Alibaba stake.The WeWork rescue package is changing the game, though. In a statement last week, Moody’s adopted a stronger tone and drew the spotlight back to SoftBank’s cash management. The agency would consider a downward rating action if cash held at the conglomerate could no longer cover two years of debt maturities, it warned.So far, this has been a breeze for SoftBank. As of the June quarter, the company held 1.2 trillion yen of cash, comfortably more than the 550 billion yen of debt maturing over the next two years.It’s going to get tighter. SoftBank’s cash rose to about 2.5 trillion yen as of July, thanks to a tax refund and the sale of shares in Chinese ride-hailing unicorn DiDi Chuxing Inc. to the Vision Fund. Against that, SoftBank has to fund a WeWork bailout costing the equivalent of about 1 trillion yen and pay 1.3 trillion yen of debt coming due in the 2021 fiscal year. Son has also made $54 billion of pledges to four investment funds, Bloomberg Intelligence analyst Stephen Flynn estimates. Like WeWork, SoftBank is anything but a cash cow. Subsidiaries from U.S. telecom provider Sprint Corp. to British chipmaker ARM Holdings Inc. don’t generate much. As a result, SoftBank has to live off what’s on hand, proceeds from new bond sales, or dividends from its 66.5%-owned Japanese telecom business. In a pinch, the company could always sell investments to the Vision Fund, though the slide in shares of key holdings such as Uber Technologies Inc. and Slack Technologies Inc. has reduced the appeal of such disposals. Frustratingly, SoftBank’s shares in Alibaba aren’t publicly traded and the highly profitable Chinese e-commerce company doesn’t pay a dividend.It could be argued that SoftBank got WeWork at a distressed price and that once the shared-office startup’s liquidity crisis has passed, its valuation will rebound from the bailout tag of less than $8 billion. Don’t bet on it. If WeWork needs further significant financial support, the savior may struggle to provide it.SoftBank, meanwhile, looks likely to keep its bankers busy with plenty of refinancing work in the years ahead. To contact the author of this story: Shuli Ren at sren38@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Will Communications Segment Buoy AT&T's (T) Q3 Earnings?
    Zacks

    Will Communications Segment Buoy AT&T's (T) Q3 Earnings?

    For the third quarter, AT&T (T) is likely to have recorded lower revenues due to adverse foreign currency translation despite solid performance of the Wireless business.

  • Can Solid WarnerMedia Margins Drive AT&T's (T) Q3 Earnings?
    Zacks

    Can Solid WarnerMedia Margins Drive AT&T's (T) Q3 Earnings?

    For the third quarter, AT&T (T) is likely to have recorded lower revenues due to adverse foreign currency translation despite solid performance of the WarnerMedia business.

  • Telecom Stock Roundup: Ericsson Q3 Earnings Miss, AT&T's Buyout & More
    Zacks

    Telecom Stock Roundup: Ericsson Q3 Earnings Miss, AT&T's Buyout & More

    While Ericsson (ERIC) misses third-quarter 2019 earnings estimates, AT&T's (T) advertising unit Xandr acquires Clypd to expand into the television ad realm.

  • Nokia (NOK) Misses on Q3 Earnings, Cuts 2019 & 2020 Outlook
    Zacks

    Nokia (NOK) Misses on Q3 Earnings, Cuts 2019 & 2020 Outlook

    Nokia's (NOK) third-quarter results reflect improved industry demand and competitiveness of its end-to-end portfolio, along with growth across four out of six regions and all customer types.

  • SoftBank to Seek U.S. National Security Review of WeWork Deal
    Bloomberg

    SoftBank to Seek U.S. National Security Review of WeWork Deal

    (Bloomberg) -- Japanese conglomerate SoftBank Group Corp. plans to seek approval of its WeWork bailout package with a U.S. government committee that reviews corporate deals for national security risks. SoftBank will file in the coming weeks with the Committee on Foreign Investment in the U.S., or Cfius, according to a person familiar with the plans who asked not to be identified discussing private information.On Tuesday, the board of WeWork parent We Co. reached an agreement with SoftBank to effectively take over 80% of the company, in a deal that included an offer to buy $3 billion of existing shareholders’ stock. The move was part of an effort to shore up the finances of New York-based WeWork, which was on track to run out of money as soon as next month.SoftBank, which is based in Tokyo but invests globally, has run into issues with Cfius in the past and the review could be a significant hurdle to closing the deal. Cfius, which is run by the Treasury Department, reviews investments by foreign firms in U.S. companies. The committee can impose conditions on a deal or recommend to the president that a transaction be blocked.Representatives for SoftBank and WeWork declined to comment.Read more: SoftBank Shares, Bonds Slide as Masa Golfs With Tiger WoodsSoftBank won approval from the panel to buy Sprint Corp. and U.K. chip designer ARM Holdings. However, the committee put conditions on its ownership of Sprint, and restricted its control of alternative-asset manager Fortress Investment Group.More recently, SoftBank was unable to fill two board seats at one of its portfolio companies, Uber Technologies Inc., because it did not have Cfius approval, Bloomberg reported earlier this year. More than a year after SoftBank made a large investment in Uber, the company went public, voiding some of its prior commitments with SoftBank. The company never got to fill its seats.Cfius became more powerful last year after Congress passed legislation giving it broader authority to scrutinize and potentially halt foreign deals for reasons of national security. It has been primarily concerned about investments in American technology, particularly by Chinese buyers, but it also scrutinizes real estate transactions that are close to sensitive military and government facilities.The panel played a role in the White House’s decision last year to block the merger of San Diego’s Qualcomm Inc. by Broadcom Ltd., then based in Singapore, in what would have been the largest-ever technology deal. Cfius also recently told the Chinese owner of California-based dating app Grindr that its ownership of the app was a national security concern. The company said in May it had reached an agreement with U.S. officials to sell Grindr by June 2020.In a statement on Tuesday announcing the WeWork bailout deal, SoftBank said that it “will not hold a majority of voting rights at any general stockholder meeting or board of directors meeting” of WeWork, and that SoftBank “does not control the company.”(Updates with context on CFIUS in the third paragraph)\--With assistance from Ellen Huet.To contact the reporters on this story: Sarah McBride in San Francisco at smcbride24@bloomberg.net;David McLaughlin in Washington at dmclaughlin9@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, ;Sara Forden at sforden@bloomberg.net, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • WeWork Will ‘Transform’ SoftBank Headquarters, Claure Says
    Bloomberg

    WeWork Will ‘Transform’ SoftBank Headquarters, Claure Says

    (Bloomberg) -- WeWork will revamp SoftBank Group Corp.’s headquarters in Tokyo and potentially undertake similar projects at the Japanese conglomerate’s properties around the world, according to newly appointed Executive Chairman Marcelo Claure.In a memo to employees Wednesday, Claure said he knew “firsthand the power of the WeWork brand and the quality of our product” because the troubled office-sharing company had “reimagined” the headquarters of Sprint Corp., where the SoftBank executive also serves as chairman.“Now WeWork will be doing the same at our headquarters at SoftBank in Tokyo,” Claure said in the memo, which was obtained by Bloomberg. “Furthermore, I am committed to do the same across all SoftBank properties around the world, including some of our leading portfolio companies.”SoftBank, already WeWork’s largest shareholder, now controls 80% of the struggling startup after a $9.5 billion bailout that was announced late Tuesday. WeWork, reeling since it scrapped an initial public offering last month, was set to run out of cash as early as next month.In the memo, Claure thanked the company’s staff for “staying strong throughout the crisis” and acknowledged that WeWork will lay off employees, confirming earlier reports by Bloomberg News.Claure argued that WeWork has “all the necessary ingredients to make this one of the most amazing comeback stories ever, and prove our detractors wrong.”“We have a lot of work ahead of us,” Claure said. “The work won’t be easy. The path won’t always be smooth. But we will prevail. No excuses.”(Updates with details from memo throughout.)To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.netTo contact the editor responsible for this story: Craig Giammona at cgiammona@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Sprint (S) Expected to Beat Earnings Estimates: Should You Buy?
    Zacks

    Sprint (S) Expected to Beat Earnings Estimates: Should You Buy?

    Sprint (S) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Healthy Wireless Traction to Aid Verizon (VZ) Q3 Earnings
    Zacks

    Healthy Wireless Traction to Aid Verizon (VZ) Q3 Earnings

    Verizon (VZ) is likely to have recorded higher year-over-year revenues from the Wireless segment, which accounts for lion's share of total revenues.

  • Sprint Is Gone If T-Mobile Deal Fails, Boost Mobile Founder Says
    Bloomberg

    Sprint Is Gone If T-Mobile Deal Fails, Boost Mobile Founder Says

    Oct.29 -- Peter Adderton, Boost Mobile founder, discusses the outlook for T-Mobile US Inc.'s proposed merger with Sprint Corp. He speaks with Bloomberg's Ed Hammond on "Bloomberg Markets: The Close."