AT&T has decided to ax its $39 billion bid to purchase T-Mobile following a slew of objections over the last few months from both the government and competing wireless carriers.
AT&T, the nation's second-largest wireless carrier, issued the following statement, in part, on Monday:
"The actions by the Federal Communications Commission and the Department of Justice to block this transaction do not change the realities of the US wireless industry. It is one of the most fiercely competitive industries in the world, with a mounting need for more spectrum that has not diminished and must be addressed immediately. The AT&T and T-Mobile USA combination would have offered an interim solution to this spectrum shortage. In the absence of such steps, customers will be harmed and needed investment will be stifled."
Brunswick Group has been supporting AT&T after the Justice Department filed a lawsuit on August 31 to block the combination.