Sprint's merger plans with both Clearwire and SoftBank recently received the Federal Communication Commission's nod of approval, The Wall Street Journal said.

Sprint's shareholders overwhelmingly approved its $21.6 billion planned merger with the Japanese company in early June, which will give SoftBank a 70 percent hold in the U.S. wireless carrier. The firm had been fighting with Dish, with both sides trying to outbid one another, until SoftBank eventually emerged as the victor.

Meanwhile, Sprint's bid to acquire Clearwire — of which SoftBank will also now control, and which Dish also tried to acquire — was also approved by the FCC. Sprint originally announced its intentions to acquire the network in Dec. 2012 and will use the additional wireless spectrum to increase its 4G LTE footprint in the United States.

SoftBank is now tasked with trying to build Sprint into a larger wireless firm to better compete against Verizon and AT&T – we'll need to see what the firm's strategy is moving forward, though the firm's CEO has proved successful in Japan.