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March 11, 2014 AT 12:17 PM
The chief executive of Japan's SoftBank called the U.S. wireless market an oligopoly plagued by slow speeds and high prices and said his company's Sprint Corporation could shake up the competition, but it would require a scale that Sprint cannot reach alone. Masayoshi Son, the billionaire chief of SoftBank, in his first public speech to a U.S. audience since his company gained control of Sprint last year, lambasted the U.S. wireless market on Tuesday, as offering "pseudo-competition." Son did not directly speak about his efforts to engineer a merger of Sprint and T-Mobile US, the No. 3 and No. 4 U.S. wireless carriers, but told reporters he hoped to meet again sometime with U.S. regulators, who so far have given a cold shoulder to such a deal.