Sprint Nextel Corp. (S) reduced its voting shares in Clearwire Corp. (CLWR) in a move designed to ease concerns that Clearwire was a subsidiary of Sprint. Sprint now has 48.9% voting shares in Clearwire. Comcast Corp. (CMCSK) entities own the next largest amount of voting shares, at 19.6%, according to the Securities and Exchange Commission filing.
Clearwire, Comcast and Sprint announced yesterday they had expanded their footprint in Pittsburgh and Philadelphia as the operator continues to expand its network amid financial struggles. Clearwire recently offloaded customer care to Teletech and is outsourcing its network management to L.M. Ericsson (ERIC) in order to streamline its financials.
Intel Corp.’s (INTC) investment group Intel Capital said earlier this year it was shedding up to 10 million shares of stock in Clearwire. Intel owned 10% of the WiMAX provider. The move to reduce Intel’s investment in Clearwire could have indicated that Clearwire is looking to shift gears into LTE technology.
Sprint reduces voting shares in Clearwire
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