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USA Today: Sprint buys majority control of Clearwire

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Oops, sorry for the repost. :-(



Sprint buys majority control of Clearwire


Top Stories | Updated 1h 56m ago


NEW YORK (AP) — Sprint is buying out the founder of Clearwire to gain majority control of the wireless network operator.


Sprint's move follows a pledge by Japan's Softbank to infuse Sprint with cash by buying a majority stake in it.


In a regulatory filing Thursday, Sprint Nextel said it will pay wireless pioneer Craig McCaw and his holding company $100 million for a 5 % stake in Clearwire, pushing Sprint's stake above 50%.


Clearwire has the right to use a large share of the nation's airwaves, but lacks the money to renovate and expand its network.


Sprint has been struggling financially too, and hasn't been in a position to invest in Clearwire until Monday's announcement that Japanese cellphone company Softbank would buy 70% of Sprint for $20 billion.


Source: http://usat.ly/RGrULb

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