News Summary: Sprint confirms talks with Softbank

News Summary: Softbank talking with Sprint about making a substantial investment

Associated Press

POTENTIAL DEAL: Sprint Nextel Corp. says Japanese cellphone company Softbank Corp. is in talks about making a potential substantial investment in the U.S. company. Sprint says the deal could be big enough to involve a "change of control" of the company.

REACTION: The news sent Sprint shares as high as $6.04, the highest level since 2008.

A SURPRISE: There has been frequent talk of Sprint buying other U.S. cellphone companies to help it turn around, but analysts say an acquisition by a Japanese company wouldn't do much to help its competitive position in the U.S.

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