Sprint (S) and T-Mobile (TMUS) will have to keep waiting.
The Federal Communications Commission said Tuesday it needs more time to review the proposed merger between the two telecommunication companies.
T-Mobile CEO John Legere and Sprint CEO Marcelo Claure have vowed to offer lower prices if allowed to merge. They say joining forces would also help increase competition in the telecom marketplace and that they need one another to rollout 5G service.
If the two are allowed to merge, the number of wireless providers in the United States would drop from four to three with the new company competing against Verizon (VZ) and CNN parent company AT&T (T).
The FCC said in its letter that it was "pausing the informal 180-day transaction shot clock" in order to review newly submitted materials.
Sprint and T-Mobile first discussed a merger in 2014 but scrapped it because of concerns about regulatory challenges from the Obama administration.
