Sprint ( S) may have revived talks with Clearwire ( 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 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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