NEW YORK (TheStreet) –– Sprint (S) shares tanked 18.1% to $5.97 following reports that the company is abandoning its attempts to buy T-Mobile (TMUS).

The Wall Street Journal reported yesterday that telecom giant Sprint decided at a board meeting on Tuesday to end its attempted merger with T-Mobile. The deal would have valued T-Mobile at $32 billion. The attempted merger was spearheaded for months by Japanese billionaire Masayoshi Son, the founder and CEO of SoftBank, which controls Sprint.

Regulators repeatedly warned that merging the United States’ third- and fourth-largest mobile carriers would be met with serious opposition. FCC Chairman Tom Wheeler and assistant attorney general for the antitrust division William J. Baer both publicly expressed skepticism that the deal would pass regulatory muster. In a statement, Wheeler said that the merger’s failure was good for American consumers, adding that Sprint “now has an opportunity to focus their efforts on robust competition.”

Read More: Failed Mergers and Geopolitical Tensions Weigh on Stocks at Open

Sprint could not be reached for comment.

Today, Sprint announced that Marcelo Claure would replace Dan Hesse, who became CEO in 2007, as CEO effective Monday.

Claure is the founder and CEO of BrightStar, a subsidiary of SoftBank, Sprint’s parent company. SoftBank CEO Son said in a statement that Claure has “the management experience, passion and drive to create the strongest network and offer the best products and services in the wireless industry,” but added that the company maintains that “industry consolidation will enhance competitiveness and benefit customers.”

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