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3G/HSPA

Sprint Scuttles $5B SK Bid?

4:45 PM -- The Wall Street Journal is reporting that Sprint Corp. (NYSE: S) has rejected a bid by South Korea's SK Telecom (Nasdaq: SKM) and private-equity firm Providence Equity Partners to invest $5 billion in the company and put in its former chairman, Tim Donahue, as CEO.

Citing unnamed sources, the WSJ says that the consortium proposed the deal before Thanksgiving in a letter.

SK has been rumored to be looking to up its presence in the U.S. for a while now. The carrier pumped $270 million into its struggling virtual network operator venture Helio Inc. (See Wireless Funding Soars in September.)

— Dan Jones, Site Editor, Unstrung

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