Sprint almost bought MetroPCS for $8 billion, Hesse said yes, but the board said no (update)

Well, well, it looks like AT&T wasn't the only one looking to acquire a competitor in the wireless business last year. According to CNBC's David Faber, the Now Network was knee-deep in negotiations to acquire MetroPCS for $8 billion dollars before its board nixed the deal. Apparently, Sprint had been trying to make the merger happen for months and the coupling was even endorsed by CEO Dan Hesse, but for reasons unknown the board shot it down. We're still digging for details, so stay tuned for more as we have it.

Update: The Wall Street Journal reports that Sprint backed away from the deal earlier this week because the "timing wasn't right," and that there's no hard feelings between Mr. Hesse and the board for doing so.