(S) may have revived talks with
(CLWR) over a possible WiMax joint venture.
The two companies are discussing a partnership to build a nationwide mobile broadband network operating on the not-yet standardized WiMax technology,
The Wall Street Journal reported Tuesday, citing people familiar with the matter.
The news sent battered shares of Sprint jumping 78 cents, or 7.8%, to $10.75 in recent trading. Clearwire vaulted $2.41, or 19%, to $14.86.
In November, Sprint
nixed a previous JV
in the wake of former CEO Gary Forsee's departure. The original deal called for Sprint to chip in $2.75 billion toward the expansion of fourth-generation wireless service to 19 cities by the end of next year.
Sprint's new CEO Dan Hesse has since made
three top executives and put a hold on all new WiMax projects.
Hesse is conducting a strategic review of Sprint's business and is likely to focus on rebuilding the company's core wireless and business services operations.