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Sprint gains on deal chatter that doesn't involve a T-Mobile merger, says analyst

  • "Many think that Sprint really had its back against the wall" with T-Mobile, Wells Fargo analyst Jennifer Fritzsche says.
  • WSJ reported Sprint has entered into exclusive talks with Charter and Comcast.

Sprint may have a new chance at success, and it doesn't involve a T-Mobile merger, Wells Fargo senior analyst Jennifer Fritzsche told CNBC on Tuesday.

Fritzsche spoke a day after The Wall Street Journal reported that Sprint has entered into exclusive talks with Charter and Comcast on a potential deal for the cable companies to offer wireless services on the carrier's network.

CNBC's David Faber confirms talks are taking place, but his sources say any expectation either Comcast or Charter would take an equity stake in or pursue an outright buyout of Sprint is unlikely. Sprint's merger talks with T-Mobile have been put on hold, reports the Journal.

The new Sprint talks come as Wall Street chatter has speculated that a T-Mobile-Sprint merger could be imminent. Sprint and Charter declined to comment when contacted by CNBC. A Comcast spokesperson declined to comment.

"Many think that Sprint really had its back against the wall and many thought if T-Mobile were to happen, it would essentially be a take-under," Fritzsche said on "Squawk Box." The new deal "might call that into significant question."

Shares of Sprint were up 2 percent in premarket on Tuesday, above $8 a share.

Fritzsche said Sprint could offer Charter and Comcast many benefits to the deal as well. "What Sprint brings to the table is a tremendous spectrum position," Fritzsche said. "Think of Sprint as an old house with great bones that needs a lot of work."

—CNBC's Leslie Shaffer contributed to this report.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.

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