FCC approves T-Mobile's deal for Sprint Unlisted Video

Mobile phone company T-Mobile's $26 billion acquisition of rival Sprint appeared to win the support of a majority of the Federal Communications Commission on Monday, which is a significant step toward the deal’s approval. Reuters reports that FCC Chairman Ajit Pai, came out in favor of the combination after the companies offered concessions, including selling Sprint’s Boost Mobile prepaid cell service. Sprint shares initially surged 23.2% while T-Mobile shares rose 5.1%.