After Hours Buy INTC @ 23.77 200 Shrs

Tuesday, May 6, 2008

on Sprint CLWR/S joint venture headlines WIFI WIMAX ply should be covered alot tomorrow on CNBC look to get in early here




WSJ reports Sprint Nextel Corp. (S) and Clearwire Corp. (CLWR) are close to announcing a $12 billion joint venture that plans to roll out ultra-fast wireless Internet access for cellphones and laptop computers in coming years, with the backing of an unlikely alliance of technology and cable companies. Sprint has agreed to merge its wireless broadband unit with Clearwire, a Kirkland-Wash., company founded by cellphone pioneer Craig McCaw. The new company has raised a total of $3.2 billion in outside financing from several heavyweights - $1.05 billion from cable provider Comcast Corp. (CMCSA CMCSK), $1 billion from Intel Corp. (INTC), $550 million from Time Warner Cable Inc. (TWC) and $500 million from Internet giant Google Inc. (GOOG). Smaller cable provider Bright House contributed $100 million. The investments value the new company at more than $12 billion. Final approval needed from the investors was received Tuesday, says one person familiar with the deal. An announcement could come as soon as Wednesday, people familiar with the matter said.