T-Mobile and Sprint (have officially announced that they have ceased talks to merge as the companies were unable to find mutually agreeable terms.

"The prospect of combining with Sprint has been compelling for a variety of reasons, including the potential to create significant benefits for consumers and value for shareholders. However, we have been clear all along that a deal with anyone will have to result in superior long-term value for T-Mobile's shareholders compared to our outstanding stand-alone performance and track record," said John Legere, President and CEO of T-Mobile US, Inc. "Going forward, T-Mobile will continue disrupting this industry and bringing our proven Un-carrier strategy to more customers and new categories - ultimately redefining the mobile Internet as we know it. We've been out-growing this industry for the last 15 quarters, delivering outstanding value for shareholders, and driving significant change across wireless. We won't stop now."

Sprint President and CEO and Softbank Board member Marcelo Claure said: "While we couldn't reach an agreement to combine our companies, we certainly recognize the benefits of scale through a potential combination. However, we have agreed that it is best to move forward on our own. We know we have significant assets, including our rich spectrum holdings, and are accelerating significant investments in our network to ensure our continued growth. As convergence in the connectivity marketplace continues, we believe significant opportunities exist to establish strong partnerships across multiple industries. We are determined to continue our efforts to change the wireless industry and compete fiercely. We look forward to continuing to take the fight to the duopoly and newly emerging competitors."

SoftBank reportedly held a meeting in late October where it decided that it wouldn't cede control, putting Sprint in an awkward position where it couldn't compromise even though it didn't really have much clout.

The two companies have been in talks for months, and Sprint's owner Softbank had hoped to combine the two companies as early as 2013.

The end to discussions rules out yet another attempt to consolidate the American cellular market.

In the U.S., Sprint sits well behind the top two of Verizon Communications and AT&T in scale and subscribers. The hope was that a merger with T-Mobile would reinforce Sprint's customer base enough to let it challenge the duopoly while allowing for more efficient network investment.

SoftBank tried to buy T-Mobile in 2014, but the idea was abandoned amid opposition from regulators.