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.

More from Technology

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

60 Seconds: What the Heck is GDPR?

60 Seconds: What the Heck is GDPR?

Musk's Tweets About Unions Draw Fire From United Auto Workers

Musk's Tweets About Unions Draw Fire From United Auto Workers

PayPal Wants to Consolidate the World of Rewards Points

PayPal Wants to Consolidate the World of Rewards Points