Tuesday, May 06, 2008

Sprint Nears Deal With Clearwire - WSJ.com

Never underestimate Craig McCaw (see Money From Thin Air for some history in this context)...

Sprint Nextel Corp. and Clearwire Corp. are close to announcing a $12 billion joint venture that plans to roll out ultra fast wireless Internet access for cellphones and laptops in coming years, with the backing of an unlikely alliance of technology and cable companies.

Sprint has agreed to merge its wireless broadband unit with Clearwire, a Kirkland, Wash., firm founded by cellphone pioneer Craig McCaw. The new company has raised a total of $3.2 billion in outside financing from several heavyweights – $1.05 billion from cable provider Comcast Corp., $1 billion from Intel Corp., $550 million from Time Warner Cable Inc. and $500 million from Internet giant Google Inc. Smaller cable provider Bright House contributed $100 million. The investments value the new company at more than $12 billion.

Sprint Nears Deal With Clearwire - WSJ.com

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