“NEW YORK (AP) — Flush with the promise of cash from a Japanese investor, Sprint Nextel Corp. on Thursday said that it’s buying 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 5 percent stake in Clearwire, pushing Sprint’s voting stake in the Bellevue, Wash., company to 53 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 companySoftbank Corp. will buy 70 percent of Sprint for $20.1 billion.”Twitter