Saturday, November 10, 2007

Business & Technology | Clearwire, Sprint call off deal | Seattle Times Newspaper

Sprint's crisis cascades to Clearwire, but never underestimate (Clearwire founder) Craig McCaw... 

Clearwire's solid third-quarter financial performance was overshadowed Friday by the announcement that the company and Sprint Nextel had terminated an agreement to jointly build a nationwide wireless broadband network.

In July, Kirkland-based Clearwire and Sprint said they would pool resources to blanket the country with the next generation of high-speed wireless data networks, called WiMax. The deal was expected to be completed in two months, but after taking nearly twice as long, the venture was called off Friday.

[...]

Clearwire's stock plummeted, falling about 25 percent to close at $13.49 a share, or nearly 50 percent below its initial public offering price of $25.

Business & Technology | Clearwire, Sprint call off deal | Seattle Times Newspaper

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