Sprint seeks majority control of Clearwire

http://bigstory.ap.org/article/sprint-buys-majority-control-clearwire

Flush with the promise of cash from a Japanese investor, Sprint Nextel Corp. on Thursday said that it wants to buy out the founder of Clearwire Corp. to gain majority control of the wireless network operator.

Sprint said in a regulatory filing that it will pay wireless pioneer Craig McCaw and his holding company $100 million for a stake in Clearwire, pushing Sprint's voting stake in the Bellevue, Wash., company from 48.15 percent to 50.45 percent.

Clearwire has the right to use a large chunk 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. That changed with Monday's announcement that Japanese cellphone company Softbank Corp. will buy 70 percent of Sprint for $20.1 billion.