According to the Associated Press, AT&T has officially abandoned its plans to acquire T-Mobile USA, a deal that would have been worth $39 billion. AT&T will be forced to pay T-Mobile $4 billion because of the deal falling through, but the two carriers are apparently working on a deal that will allow customers to use phones on either network in the future.

AT&T's statement:

"The actions by the Federal Communications Commission and the Department of Justice to block this transaction do not change the realities of the U.S. wireless industry. It is one of the most fiercely competitive industries in the world, with a mounting need for more spectrum that has not diminished and must be addressed immediately. The AT&T and T-Mobile USA combination would have offered an interim solution to this spectrum shortage. In the absence of such steps, customers will be harmed and needed investment will be stifled."