The decision was made due to both parties being "unable to find mutually agreeable terms".
"The prospect of combining with Sprint has been compelling for a variety of reasons, including the potential to create significant benefits for consumers and value for shareholders", said John Legere, President and CEO of T-Mobile U.S., in a statement.
Sprint's previously explored deal with T-Mobile would most likely be completely off the table, should talks between Charter and Softbank take off. "However, we have agreed that it is best to move forward on our own", said Marcelo Claure, Sprint's CEO.
XAutoplay: On | Off SoftBank (SFTBY) Chief Executive Officer Masayoshi Son and Tim Hoettges, CEO of T-Mobile parent Deutsche Telekom (DTEGY), couldn't resolve how to share control of the combined company over dinner Friday night in Tokyo, people familiar with the matter said. Sprint hasn't had a profitable year in a decade, leaving a pile of credits from net operating losses that could benefit T-Mobile. At this point, talk of a merger is between Softbank and Charter, rather than having direct involvement with Sprint.
The will-they-won't-they status of a long-rumored T-Mobile-Sprint merger continues, as the two companies are reportedly continuing negotiations following reports earlier this week that talks had broken down. Sources had originally stated that Sprint chose to call off the acquisition because Deutsche Telekom was looking to get the majority of control over the entity resulting from the merger; though some Sprint executives were reportedly okay with this, others allegedly wanted more. Legal experts also said earlier this year that it was hard to predict whether the current administration would be more receptive of a deal.
Legere said that T-Mobile has "been out-growing this industry for the last 15 quarters, delivering outstanding value for shareholders, and driving significant change across wireless".