SoftBank lines up $65 billon to fund Charter deal

Posted August 02, 2017

And there was good news on that score on Tuesday, even as the much leaked deal talks continued to fizzle.

Sprint posted a fiscal first-quarter profit of $206 million, or 5 cents a share, compared with a year-earlier loss of $302 million, or 8 cents a share.

The net result was a profit of United States dollars 206 million compared to a loss of USD 302 million a year ago, due in part to the reversal of some legal provisions.

Asked about the sustainability of the return to profitability, Claure pointed to the revenue growth of the past few quarters.

Revenues were $8.2 billion in the quarter. "That's the first indication of a sustainable turnaround".

This was Sprint's first net income in three years and the highest Adjusted EBITDA in almost 10 years.

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Meanwhile, Charter Communications Inc's shares shot to a record high yesterday on news that Japan's SoftBank Group Corp was considering an acquisition offer, even as Charter rejected the possibility of it being the acquirer in any merger with SoftBank's U.S. wireless carrier, Sprint Corp, Reuters reported.

Charter revealed that it has no interest in buying out Sprint in a statement addressed to the Wall Street Journal on Sunday.

Sprint CEO Marcelo Claure's cost cutting strategy is paying off.

Charter Communications Inc's shares surged to a record high on Monday after a source said Japan's SoftBank Group Corp was considering an acquisition offer, even as Charter shot down the possibility of it being the acquirer in any merger with SoftBank's US wireless carrier, Sprint Corp. Rumors continue to swirl about potential deals with everyone from wireless rival T-Mobile to cable provider Charter Communications.

Sprint said Tuesday that it should be able to "strike a deal" in the "near future", driving up shares of the fourth-largest US wireless carrier.

Sprint has been in talks about the potential deal with Charter and Comcast since May according to sources familiar with the negotiations. "We have spoken to everybody and we have choices and when the time is right we going to strike a deal", he said. But Sprint's results were largely in line, with most financials beating analysts' expectations while subscriber growth fell a bit shy of consensus estimates.