New Wimax Talks Light Up Clearwire, Sprint
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 deep cuts in staff, cleared out 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.
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