Sprint, others reportedly poised to add $1.5 billion to wireless network development

By MARK DAVIS

The Kansas City Star

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Sprint Nextel Corp. may be close to pouring an additional $1 billion into efforts to build out its fourth-generation wireless network.

The Wall Street Journal on Monday cited unidentified sources saying Sprint and others would inject $1.5 billion into Clearwire Corp. The group had invested $3.2 billion into Clearwire last year.

A Sprint spokeswoman declined to comment on the report.

According to the report, Clearwire would receive funding from Sprint, Comcast Corp., Intel Corp., Time Warner Cable Inc. and Bright House Networks LLC, but not Google Inc., which was part of the 2008 investment group.

The companies did not comment to the Journal.

Sprint is Clearwire’s majority owner. During a recent conference call with analysts, Sprint chief executive Dan Hesse said that Sprint was “able and supportive” should Clearwire need to turn to its owners.

“It is very important to our future that this 4G network get built out,” Hesse said.

Clearwire, based in Kirkland, Wash., combined operations with Sprint’s WiMax assets as part of an effort to focus on more advanced wireless service.

Sprint shares closed at $3.43, up 58 cents. Clearwire gained 30 cents to $6.80.

Sprint Nextel is eliminating at least 2,000 jobs. | A1

To reach Mark Davis, call 816-234-4879 or send e-mail to mdavis@kcstar.com.

Posted on Mon, Nov. 09, 2009 10:37 PM

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