T-Mobile (TMUS) and Sprint (S) are reportedly close to reaching a deal that would result in the merger of the third and fourth largest wireless carriers in the United States. With speculation high, both carriers have opted against conducting their typical quarterly earnings calls. 

But for the deal to work, T-Mobile and Sprint will have to overcome fairly significant challenges including dividing up ownership, integrating two national carriers, deciding which brands will survive and of course receiving approval from a little thing called the Federal Trade Commission

T-Mobile enters any merger talks with a clear advantage as Sprint clearly needs the merger more. In the past few quarters, T-Mobile under CEO John Legere has proven that it is capable of stealing market share from the nation's top wireless providers Verizon (VZ) and AT&T (T) . 

Do we have a wireless revolution on our hands? Stick with TheStreet for more developments in the potential Sprint/T-Mobile merger.  

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Editors' Pick: Originally published on October 19. 

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