Reuters first to report FCC has preliminary deal to approve T-Mobile/Sprint deal; market reacts

Reuters was first to report the Federal Communications Commission has a preliminary agreement on the conditions for approval of T-Mobile US Inc’s $26 billion deal to buy rival Sprint. The news, which represents a big step toward final approval of the deal, sent T-Mobile shares up 7%, and Sprint’s stock up 5% in pre-market trading. Sprint shares rose 23% after the market opened.