ADVFN - Advanced Financial Network.
HOME» NYSE » S » S Stock Price » S Stock News

Sprint Nextel Share News

 Sprint Nextel Corp Stock Price
S Stock Price
 Sprint Nextel Corp Stock Chart
S Stock Chart
 Sprint Nextel Corp Stock News
S Stock News
 Sprint Nextel Corp Company Information
S Company Information
 Sprint Nextel Corp Stock Trades
S Stock Trades

Sprint No Longer Clearwire's Majority Owner as Stake Is Diluted

By Thomas Gryta Sprint Nextel Corp. (S) is no longer the majority owner of Clearwire Corp. (CLWR) after the latter's latest issuance of stock to raise money. The move marks the latest chapter in the complex relationship between Overland Park, Kan.-based Sprint and the smaller wireless-network company that has been its partner in developing its 4G network. Sprint remains Clearwire's largest shareholder and their working relationship hasn't changed, according to both companies. A Sprint spokesman couldn't give an exact estimate of the current stake because the Clearwire equity offering is ongoing. The Sprint spokesman said the company has a right to buy shares in Clearwire equity offerings but declined to do so in the latest round. Sprint will evaluate future opportunities to buy shares on a case-by-case basis. A year ago, Sprint reduced its voting stake to distance itself from the financially fragile Clearwire. The move meant that Clearwire couldn't be considered a unit and potentially affect Sprint's debt if there was a default or other major event. Sprint surrendered Class B shares, which aren't publicly traded, cutting its voting interest to 49.9% from 54%. But now that Clearwire has been selling shares to raise funds, Sprint is no longer the majority holder so it has reclaimed its voting rights in to order to match its economic stake. According to a filing, it paid about $8,000 to reclaim the Class B shares. Both companies stressed that the shift doesn't alter other components of their relationship. Despite owning less than 50% of Clearwire, Sprint's equity-ownership agreement is unchanged and it will continue to control seven of the 13 seats on Clearwire's board. Late last year, Clearwire signed a new network partnership with Sprint to help fund its operations beyond 2012, along with selling additional $300 million in equity. In May, the company said it would raise up to $300 million in another stock sale over the coming months to help fund operations. Sprint is building the 4G network on a standard known as LTE, which is in use by Verizon Wireless and AT&T Inc. (T), over the next several years. Sprint also uses Clearwire's 4G network that runs on WiMax technology and Clearwire is also building its own LTE network. Numerous investors have walked away from Clearwire. In March, Google Inc. (GOOG) sold its entire 29.4 million share stake in Clearwire for a $433.5 million loss, ending a nearly four-year $500 million investment. Intel Corp. (INTC) wrote down the entire value of its 7.3% voting stake in Clearwire earlier this year. --Greg Bensinger and Shara Tibken contributed to this article. Write to Thomas Gryta at

Stock News for Sprint Nextel (S)
10/21/201610:00:00Sprint Network #1 for Overall Network Performance in St. Louis
10/20/201617:00:31Current Report Filing (8-k)
10/20/201616:15:00Sprint Corporation Announces Pricing of Private Placement Offering...
10/20/201607:00:00Sprint Accelerator Announces 2017 Program & Sponsors
10/18/201612:50:00Sprint Continues to Add More Customers
10/18/201609:00:00Sprint Customers Can Now Enjoy Unlimited Data on a Tablet for...
10/18/201608:02:14Current Report Filing (8-k)
10/14/201611:19:19Initial Statement of Beneficial Ownership (3)
10/14/201610:14:00Two World Class Organizations – AAA and Sprint – Enhance Rel...
10/13/201622:36:00Sprint Waives Fees to Bermuda Following Impact of Hurricane Nicole
10/12/201615:38:01Current Report Filing (8-k)
10/12/201606:39:00Sprint Corporation Announces Private Placement Offering of Wireless...
10/12/201603:08:00Sprint Banks On Airwaves For Funds -- WSJ
10/12/201601:20:00Crisis Tests Samsung Heir Apparent
10/11/201623:00:00Sprint Seeks to Raise $3.5 Billion With Sale-Leaseback of Airwaves
10/11/201621:54:00Sprint Seeks to Raise $3.5 Billion With Sale-Leaseback of Airwaves
10/11/201617:50:00Sprint to Donate Devices, Data Plans to High-School Students
10/11/201611:00:00Sprint Provides Free Wireless Devices and Service to 1 Million...
10/10/201613:05:00Sprint Announces New Pricing for Data-Hungry Customers: Unlimited...
10/07/201612:13:00LG V20 Available from Sprint on Oct. 28; First Sprint Smartphone...

Sprint Nextel and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations