T-Mobile and Sprint were first reported to be in merger talks in late August, with the announcement originally planned for the end of October. Last month, a report from Bloomberg stated that the carriers' parent companies (Deutsche Telekom and SoftBank) were in the final stages of an agreement. But the end of October came and went with no announcement.

The Wall Street Journal and Nikkei reported a few days ago that SoftBank, Sprint's parent company, seemingly pulled out of the agreement over ownership concerns. The merger would have positioned Deutsche Telekom as the majority owner of the combined carrier, which SoftBank wasn't happy about. Instead of going through with the merger, SoftBank reportedly planned to make significant investments in Sprint's network.

According to a new report from The Wall Street Journal, T-Mobile's board of directors agreed on Wednesday to continue pursuing a merger deal. T-Mobile allegedly made a revised offer, which Sprint is now considering, although details about the new deal are unclear. Sources told WSJ that a deal could potentially be reached within weeks.