Sprint and Nextel agree to merger

Damn, that happened fast. We only just discovered that Sprint and Nextel were even talking about a merger, and apparently they've already come to an agreement. The Wall Street Journal reported moments ago that the two companies have "tentatively" agreed to join forces, with Sprint swapping 1.3 of its shares for every Nextel share. The new company would be called Sprint-Nextel and become the nation's third largest wireless carrier. More details to come.