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T-Mobile USA and Sprint are getting further along in merger talks and are "close to agreeing [to] tentative terms on a deal," Reuters reported today, citing anonymous sources.

A merger would join the third and fourth largest wireless carriers in the US, leaving the country with three major nationwide carriers including Verizon Wireless and AT&T.

Sprint owner SoftBank of Japan would "own 40 to 50 percent of the combined company, while T-Mobile majority owner Deutsche Telekom will own a majority stake, two of the sources said," according to Reuters. A deal is expected by the end of October if the negotiations don't fall through, the report said.

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