The New York Times is reporting that Sprint has said thanks but no thanks to an offer from Providence Equity Partners and South Korea’s SK Telecom which would, in effect, replace Sprint’s management team and infuse $5 billion into the company.

The deal would have also allowed SK Telecom and Sprint to "significantly cut costs by jointly purchasing handsets and examining network infrastructure."

A letter from Providence Equity Partners said that the investment would "signal to the public that Sprint Nextel represents a compelling opportunity" but made no mention of how replacing the entire management team would look to the public.

Sprint Is Said to Reject Offer by Investors and SK Telecom [New York Times]