New York Attorney General Letitia James said the deal is ‘bad for consumers, it’s bad for innovation and it’s bad for workers.’ Photo: mike segar/Reuters By Elizabeth Winkler June 12, 2019 6:00 a.m. ET T-Mobile ’s TMUS -1.58% and Sprint ’s S -5.87% plans to combine in a $26 billion deal seemed to be swimming along smoothly, especially after the merger received backing from the Federal Communications Commission’s chairman last month.
The Justice Department still has to weigh in, however, and prospects for the deal worsened on Tuesday, as a group of 10 state attorneys general filed a lawsuit to block it. The suit, which is led by California and New York, alleges that the union of the third- and fourth-largest wireless carriers in the U.S. would drive up prices for cellphone services and also result in lost jobs and stifled innovation. “The deal is bad for consumers, it’s bad for innovation and it’s bad for workers,” said New York Attorney General Letitia James.Investors are right to be concerned.
If the Justice Department decides not to sue, the states can still try to block the deal. They may force concessions or seek damages. Regardless of what the federal government decides, in other words, T-Mobile and Sprint are going to have further obstacles ahead.Write to Elizabeth Winkler at elizabeth.winkler@wsj.com
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