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Sprinting Toward Level 3

2:30 PM -- OK, so no one wanted to pay billions -- at least not that many billions -- for the Qwest Communications International Inc. (NYSE: Q) long-distance business. How's this one, then: Sprint Corp. (NYSE: S) and Level 3 Communications Inc. (NYSE: LVLT).

Today's Wall Street Journal says the companies have toyed with the idea of a joint venture combining their fiber networks. This isn't a case of Sprint wanting to divest; the article says Sprint would own the controlling majority of the new entity.

Clearly, deal fever is in the air. Reuters is quoting Global Crossing (Nasdaq: GLBC) CEO John Legere saying possibilities are everywhere, especially among the Tier 2 carriers. The trick, of course, is finding an idea that two of them happen to like.

— Craig Matsumoto, West Coast Editor, Light Reading

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