Illustration: Rebecca Zisser/Axios

When T-Mobile US and Sprint first announced their $26 billion merger in early 2018, the endgame was to reduce the country's number of major mobile carriers from four to three ⁠— thus letting the new partners better compete with AT&T and Verizon. But that ship appears to have sailed.

The state of play: Multiple reports are saying that the Justice Department is insisting on the maintenance of four majors, despite T-Mobile CEO John Legere's still-available tweet about how DOJ doesn't believe the deal needs any restructuring. Enter Dish, which currently is a satellite TV company without any mobile telecom offering.

  • But it does have a bunch of spectrum, which makes it one of a few viable partners to get this thing over the finish line.
  • The idea is that T-Mobile/Sprint would make divestitures to ensure Dish could become the fabled fourth player — albeit possibly more as a reseller on the existing network, rather than a new network itself.

The big picture: It's an elegant solution, but not without its own challenges.

  • The biggest obstacle may be Dish chairman and former CEO Charlie Ergen, who holds nearly a 37% stake in the company and is known to be a very tough negotiator. What Ergen wants may not ultimately be palatable to T-Mobile, and he appears to have most of the leverage.
  • Plus, it's possible that DOJ won't like the final compromise, assuming there is one.
  • Sprint owner SoftBank recently hired another lobbyist to work on the transaction, per Axios' David McCabe.

The bottom line: When announced, this deal was presented as a much easier regulatory pass than was AT&T-Time Warner, even though it's a very vertical merger. It was wishful thinking.

Go deeper: Sprint's stock rallies again as merger hopes rise

Go deeper

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 31,467,508 — Total deaths: 967,881— Total recoveries: 21,583,915Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 6,890,662 — Total deaths: 200,710 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

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