The decision was made due to both parties being "unable to find mutually agreeable terms".
Sprint previously abandoned a bid for T-Mobile in 2014 when it became clear that the Obama administration would block the merger in order to preserve the competition created by having four major nationwide carriers.
Shares of Sprint and T-Mobile tumbled Monday after rumors emerged that merger talks between the two companies were fizzling.
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Last week, reports surfaced that SoftBank, the Japanese conglomerate that controls Sprint, was planning to end talks with T-Mobile, whose parent is Deutsche Telekom. After the government nixed AT&T's attempt to buy it in 2011, T-Mobile led the way in many consumer-friendly changes, such as ditching two-year contracts and bringing back unlimited data plans. Merger talks then seemed to break down, only to be revived again a couple days ago. Nonetheless, Claure said that "we have agreed that it is best to move forward on our own". But Washington regulators have frowned on a possible merger.
In December, SoftBank CEO Masayoshi Son met at Trump Tower with then-President-elect Donald Trump, rekindling speculation that SoftBank would renew merger efforts under a Republican administration. With its hoard of 2.5GHz high-frequency spectrum, Sprint would have been a flawless fit for T-Mobile and its cache of low-frequency airwaves in the 600MHz-700MHz bands.
T-Mobile, meanwhile, has provided Deutsche Telekom with growth at a time when the European market has been stagnant.