Update: Bloomberg is reporting Dan Hesse will step down and be replaced in an announcement tomorrow, during which the plan to end pursuit of T-Mobile will also be discussed.

This one's short and sweet, folks: Sprint has dropped its efforts to purchase T-Mobile according to the Wall Street Journal, citing the perpetually present "people familiar with the matter." According to said persons, SoftBank and Sprint decided the merger would simply be too difficult to accomplish in the face of federal regulators, an experience AT&T became all too familiar with back in late 2011, to the tune of a $4 billion severance fee.

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