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Japanese Wireless Provider to Take Over Sprint?

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- Sprint may soon be controlled by one of Japan's largest cellphone providers.

In a statement Thursday, the number three U.S. wireless provider said that it is currently in talks with Softbank "regarding a potential substantial investment by Softbank in Sprint."

The stake would give Sprint a much needed financial boost and provide Softbank with a significant presence in the U.S., shaking up a wireless market that's been dominated by AT&T and Verizon.

Sprint did not provide any further details but said "such a transaction could involve a change of control of Sprint."

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