AT&T has officially dropped their plans for a merger with T-Mobile, reports The Wall Street Journal. The decision comes after the carrier ran into massive government hurdles when it tried to pull off the $39 billion takeover.
AT&T has issued the following statement on the matter:
The actions by the Federal Communications Commission and the Department of Justice to block this transaction do not change the realities of the U.S. wireless industry. It is one of the most fiercely competitive industries in the world, with a mounting need for more spectrum that has not diminished and must be addressed immediately. The AT&T and T-Mobile USA combination would have offered an interim solution to this spectrum shortage. In the absence of such steps, customers will be harmed and needed investment will be stifled.
AT&T will take on a $4 billion accounting charge this year to account for the breakup fee the company owns to Deutsche Telecom, and has already set the money aside.
So there it is. The end of a plan for a gigantic telephone company to become an unreasonably large and unfair competitor in the wireless world. Was a fun ride while it lasted.
