Sprint Chairman Masatoshi Son, whose telecommunications company has been in talks with both Charter and Comcast Corp. (CMCSA) - Get Report about possible business combinations, is now pushing for an outright merger with Charter, the Journal reported.
"The complex proposal calls for the creation of a new publicly traded entity that would combine Sprint and Charter and be controlled by Japan's SoftBank Group Corp. (SFTBY) ," the Journal reported, quoting unnamed sources. SoftBank currently has majority ownership of Sprint. In addition to being Sprint's chairman, Son is also chairman of SoftBank.
Sprint share jumped 5% in after-hours trading on Friday after finishing at $8.22 during the regular session. SoftBank's stock, which closed at $41.52, declined less than 1%.
Shares of Charter Communications were rising slightly after hours, following their close of $370.26 on Friday.
Comcast, which closed at $39.52 on Friday, dropped less than 1% in after-hours trading.
The Journal noted that a combination of Sprint and Charter would involve "a high degree of difficulty" and it is unknown if Charter would agree to such a deal.
This article was written by a staff member of TheStreet.