updated 04:45 pm EST, Thu November 20, 2008
Clearwire Sprint deal a go
A merger between telecommunications companies Sprint and Clearwire announced back in May could be completed before year's end, as Clearwire's shareholders have approved the deal today, according to a Thursday report. Earlier this month, the FCC approved the merger as well, bringing the $14.6 billion venture one step closer to completion. The new company, also called Clearwire, will work on developing a mobile network based on WiMAX technology that promises wireless data transfer rates faster than any current network, approaching wired broadband speeds.
Sprint currently offers the WiMAX broadband network in Baltimore, MD under its Xohm brand. The deal has been opposed by competitor AT&T, which says the two companies have avoided full government scrutiny necessary to go ahead with their project, giving them an unfair advantage over AT&T and other carriers. Google, Intel and an unnamed group of cable companies will also invest in the newly formed Clearwire company.