How the Sprint and T-Mobile Deal Collapsed, Again

During months of merger talks with T-Mobile US Inc., Sprint Corp. Chairman Masayoshi Son sought a way to merge the two wireless rivals without really having to hand over the keys.

There was discussion over inserting a provision to buy the combined company back after two years, two people familiar with the matter said. They explored giving the Japanese billionaire the right to increase his stake over time. He was offered the role of co-chairman.