Sprint’s Stock Rises Following Reports of Talks With Buffett and Malone About Investments

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    Mobile phone company Sprint (NYSE:$S) saw its stock rise by 5% on July 14 when The Wall Street Journal reported, with sources, that company management met with investment wizard Warren Buffet and current chairman of Liberty Media (NASDAQ:$BATRA), Liberty Global (NASDAQ:$LBTYA), and Liberty Interactive (NASDAQ:$QVCA) John Malone about a possible investment in Sprint.

    Masayoshi Son, Sprint’s Chairman, met with Buffett and Malone separately this week during a function for chief executive officers in Sun Valley, Idaho, according to the Wall Street Journal, who cited sources. The sources also said that even though talks are still in its very early stages, there is the possibility that the deal could lead Buffet’s company Berkshire Hathaway (NYSE:$BRK.A) to invest more than $10 billion. Then, in a separate report on July 14, Bloomberg said that Buffett is currently thinking about an investment between $10 billion and $20 billion in Sprint. Talks between Sprint and Buffet occurred just after Berkshire Hathaway pitched a $9 billion deal to purchase Oncor.

    Sprint’s talks with Buffett and Malone aren’t the only ones occurring in an effort to grow the telecommunications company. CNBC confirmed that Sprint is currently in negotiations with both Charter Communications (NASDAQ:$CHTR) as well as Comcast (NASDAQ:$CMCSA) in June. Talks are currently ongoing to reach a potential deal that could let both Charter and Comcast offer their services on Sprint’s network. As well, rumors that Sprint was in talks with T-Mobile for a possible merger arose in May.

    When reached out to by CNBC for a comment on Friday, July 14, Sprint declined. Liberty Media did not respond, and Comcast said it had no comment.

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    Author Grace Chang
    About the author: Grace is currently studying at UBC to achieve her BA in Computer Science. She is due to graduate in 2020. As a content creator, Grace has written financial analysis, stock market news, and informational investing articles. She also worked as an editor with her university publication 'UBC Undergraduate Journal of Art History'.