Sprint Could Pump $1B More Into Clearwire

OVERLAND PARK, Kan. (TheStreet) -- Sprint Nextel (S Quote) plans to pump at least $1 billion more into Clearwire(CLWR Quote), the Wall Street Journal reports, citing two people familiar with the matter.

Clearwire's joint venture partners, a group which includes Comcast(CMCSA Quote), Intel(INTC Quote), Time Warner Cable(TWC Quote) and Bright House Networks, would kick in another $500 million. Google(GOOG Quote), which the Journal says has been a key joint venture partner, isn't involved in the latest financing round.

An announcement of the new investment could come as soon as this week, according to the newspaper.

Sprint is the majority shareholder of Clearwire, a wireless broadband service provider.

The latest funding infusion comes about 18 months after Sprint, Intel, Comcast and other partners put $3.2 billion into Clearwire, which is struggling to build a fourth-generation, or 4G, mobile broadband network, the Journal notes.

Clearwire reported a loss of $$73.4 million in the quarter ended June 30. The company reports its next quarterly results on Tuesday.

The stock closed Friday at $6.50.

-- Reported by Joseph Woelfel in New York .

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