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UPDATE: BREAKING NEWS FROM CNBC’S DAVID FABER: SPRINT WORKING TO ACQUIRE CLEARWIRE

Beth Goldman
Thursday, 11 Oct 2012 | 2:36 PM ET

WHEN: TODAY, THURSDAY, OCTOBER 11, 2012

WHERE: CNBC'S "FAST MONEY HALFTIME REPORT "

Following is the unofficial transcript of breaking news from CNBC's David Faber. All references must be sourced to CNBC.

Video: Sprint Working to Acquire ClearWire: Sources

: LETS GET RIGHT OVER TO DAVID FABER WHO HAS MORE DEVELOPMENTS ON THAT SPRINT STORY, DAVID.

DAVID FABER : THANKS VERY MUCH SCOTT. OF COURSE ONE OF THE KEY STORIES OF THE MORNING HAS BEEN THOSE REPORTS THAT WE HAVE GIVEN YOU THAT HAVE BEEN CONFIRMED BY SPRINT THAT IT IS IN TALKS WITH SOFTBANK OF JAPAN FOR SOFTBANK TO ACQUIRE A CONTROL POSITION IN THE COMPANY. I CAN TELL YOU THOUGH THE SOURCES CLOSE TO THE DEAL TELL ME THAT AS A RESULT OF THE LEAKS, WHICH FIRST TOOK PLACE IN THE JAPANESE MEDIA, THE CHANCES OF THE DEAL ITSELF HAD BEEN SOMEWHAT REDUCED. NOW IT DEPENDS ON WHO YOU TALK TO, THOSE CHANCES STILL SEEN AS A BIT BETTER I WOULD SAY CONSENSUS WISE THAN 50 50, BUT NONETHELESS AGAIN THOSE CHANCES THEY SAY HAVE BEEN REDUCED AS A RESULT OF THE LEAK. THE HOPE THOUGH IS STILL THEY CAN GET THROUGH THIS PERIOD NOW THAT IT IS IN THE PUBLIC REALM AND COBBLE TOGETHER A DEAL THAT THEY WOULD ANNOUNCE IN THE NEXT WEEK OR TWO. I DID WANT TO GET SPECIFICALLY ALSO BACK TO AN ISSUE I HAD RAISED EARLIER IN MY INITIAL REPORTS ABOUT CLEARWIRE AND CLARIFY SOMETHING THAT I REPORTED INCORRECTLY. SOFTBANK IS NOT IN TALKS TO ACQUIRE CLEARWIRE. HOWEVER, SPRINT WHICH ALREADY OWNS ABOUT 48/49 % THE COMPANY, IS IN TALKS TO DO THE SAME TO ACQUIRE CLEARWIRE AS PART OF THIS DEAL A VERY COMPLEX DEAL AS YOU CAN SEE. NOW SOFTBANK DOES HAVE A NEED FOR SPRINT TO HAVE CONTROL OF CLEARWIRE'S BOARD AND IT DOES APPEAR THAT SPRINT IS GOING ABOUT THAT BY HAVING DISCUSSIONS AIMED AT ACQUIRING CLEARWIRE WHICH, WHILE IT DOES OWN A LOT OF, DOES NOT OWN THE MAJORITY OF SOME OF WHICH IS STILL HELD BY CABLE COMPANIES AND THE LIKE INCLUDING OF COURSE AS WELL SOME PUBLIC SHAREHOLDERS SO I DID WANT TO CLARIFY THAT WHEN IT COMES TO CLEARWIRE. AND FINALLY OF COURSE, WE HAVE SEEN SHARES OF SPRINT EXCUSE ME METROPCS DOWN SHARPLY TODAY AND I CAN TELL YOU THAT SPRINT DID NOT CONSIDER A BID TO COME OVER THE TOP ON A DEAL. THAT HAS BEEN DONE BETWEEN T-MOBILE AND METROPCS AS HAS BEEN REPORTED BY SOME OTHER OUTLETS LAST WEEK. AS I HAVE BEEN REPORTING, T-MOBILE WAS AN IMPORTANT COMPONENT OF THESE TALKS WHEN THEY FIRST BEGAN THIS SUMMER BETWEEN BOTH T-MOBILE AND SPRINT. SPRINT'S BEEN VERY DISAPPOINTED THAT T-MOBILE PERHAPS STILL TRAUMATIZED FROM ITS FAILURE TO GET ACQUIRED BY AT&T CHOSE TO PULL OUT OF THE TALKS BECAUSE IT WAS WORRIED ABOUT GOVERNMENT DISAPPROVAL OF ANY POTENTIAL DEAL AND SO THEY WENT THEIR OWN WAY. SCOTT A LOT OF MOVING PARTS HERE. WE WILL SEE WHERE IT ALL ENDS UP OF COURSE AND IT STILL IS TALKS WITH AIM AT A 70'S PERCENTAGE OWNERSHIP BY SOFTBANK IN SPRINT. SOFTBANK BEEN VERY SUCCESSFUL IN JAPAN IN TERMS OF ROLLING OUT LTE.

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