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BREAKING NEWS FROM CNBC'S KAYLA TAUSCHE: "GAME IS RESET" FOR SPRINT NEXTEL

WHEN: TODAY, WEDNESDAY, AUGUST 31, 2011

WHERE: CNBC'S "THE STRATEGY SESSION"

Following is the unofficial transcript of breaking news from CNBC's Kayla Tausche today on "The Strategy Session."

All references must be sourced to CNBC.

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BRIAN SULLIVAN: SORRY TO JUMP IN ON YOU BUT WE DO HAVE SOME BREAKING NEWS LETS GO NOW TO THE BREAKING NEWS DESK

KAYLA TAUSCHE: YEH THANKS SO MUCH BRIAN A LITTLE BIT MORE ON THIS BREAKUP OF AT&T AND T-MOBILES 39 BILLION DOLLAR DEAL I WAS SPEAKING TO SOME SOURCES IN THE SPRINT CAMP WHO NOTED THAT YES THE GAME IS RESET FOR SPRINT AT THIS POINT REMEMBER SPRINT HAD BEEN GUNNING TO TAKE OVER DEUTSCHE TELECOMS USA UNIT OF COURSE T-MOBILE USA BUT THEY ANTICIPATED A LONG LEGAL BATTLE REMEMBER SPRINT WAS ONE OF THE COMPETITORS MOST VEHEMENTLY LOBBYING THE US GOVERNMENT PARTICIPATING IN THE DEPARTMENT OF JUSTICES REVIEW WE'VE HAD CEO DAN HESSE ON CNBC BEFORE HE HAS BEEN VERY VOCAL ABOUT HOW THIS DEAL WOULD BE EXTREMELY EXTREMELY HARMFUL TO THE WIRELESS AND THE OVERALL TELECOM INDUSTRY SO THEY KNEW IN PARTICIPATING WITH THE DOJ THAT WITH THE PRESENCE OF A BIG BREAKUP FEE ON BEHALF OF AT&T THAT THAT SIGNIFIED THAT THEY WERE LIKELY FIGHT ANY SORT OF RESISTANCE COMING OUT OF WASHINGTON BUT EVEN THAT BEING SAID THE GAME IS RESET FOR SPRINT THE GAME IS NOT OVER FOR THEM YET AND THEY ARE EXPECTING A LONG FIGHT A LONG LEGAL BATTLE DOWN THE ROAD FOR AT&T GARY AND BRIAN BACK TO YOU.

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