File under No Kidding.” Bloomberg News said recently the Sprint-Nextel merger in 2005 qualifies as one of the worst-ever transactions for stockholders.

Bloomberg ranked the $36 billion Sprint-Nextel deal as the third worst, just behind Boston Scientific Corp. at No. 2 and McClatchy Co. at No. 1. All three companies value now is less than the prices they paid to acquire rivals. Sprint is priced at around $30 billion, including its debt.

To be sure, since Sprint bought Nextel, the companys fortunes and reputation have struggled. The Overland Park, Kan.-based wireless provider has lost thousands of subscribers amid complaints of poor coverage and customer service, and earnings have reflected those defections.

But Sprint could be on an upswing. Its second-quarter earnings reflected a big push from the HTC EVO 4G phone and the BlackBerry Curve. Plus, CEO Dan Hesse, who was brought on board in late 2007, has helped turn around the companys image and strategy.

Bloomberg analyzed 100 companies in all, although just for impact on stockholders. Thousands of employees have lost their jobs in all of the financial turmoil; at Sprint Nextel, the latest cuts were implemented at the end of last year.