The Wall Street Journal is reporting that Sprint and Nextel have tentatively agreed to basic terms of a merger. The $36 billion deal would create a third giant cellular carrier with nearly 39 million subscribers. Although Sprint shareholders will retain more than 50% of the combined company, to be called "Sprint-Nextel", the merger will otherwise be mutual. The new company will have a 50-50 split among board members from each company. The new company would spin off Sprint's local landline operations. Nothing has been finalized yet, but the companies are said to be "advanced negotiations", and an official announcement could come next week.