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Sprint rallies after report executives have engaged Buffett and Malone about investments

Shares of Sprint spiked 5 percent Friday after The Wall Street Journal, citing sources, said the telecommunications company met with Warren Buffett and media business giant John Malone about an investment.

Sprint Chairman Masayoshi Son met separately with Buffett and Malone, chairman of Liberty Media, this week during a gathering of chief executive officers in Sun Valley, Idaho, the report said, citing sources.

Although the talks are in early stages, the sources said, one estimate said Berkshire would put more than $10 billion into a deal.

Separately on Friday, Bloomberg reported that Buffett...