Printed from http://www.electronista.com

Google sells $47m stake in Clearwire

updated 10:15 am EST, Fri February 24, 2012

Google offloads Clearwire share for unknown reason

Google in an SEC filing posted last week but discovered Friday that it had sold off its stake in 4G provider Clearwire. Two sales on February 7 and 16 were collectively worth $47 million on the assumption of selling 29.4 million shares at $1.60 each, or less than Clearwire's $2.27 actual price as of the end of Thursday. No explanation was given for the exit.

The search firm invested a full $500 million in Clearwire in 2008 to help promote the high-speed Internet access it depends on. However, it has mostly grown cold and left Sprint to help bail Clearwire out until it returned to profit, mostly after wide-ranging budget cuts.

Clearwire is currently in the middle of a jump to LTE and is likely to see high costs as it upgrades its network over the course of the next year. Losing Google support won't be fatal to its prospects but could hurt Clearwire's balance sheet in the process. [via CNET]



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

ActvContent Sync Smartband

Smartbands of all sorts are hitting the market. Some build on the buzz around fitness trackers, while others offer simpler features fo ...

RocketStor 6324L Thunderbolt 2 eSATA bridge

Like it or not, the shift to Thunderbolt is underway. The connection is extremely flexible, allowing for video and data to co-habitate ...

Patriot Stellar Boost XT 64GB USB 3.0 drive

A vast selection of USB memory sticks means that consumers can often find exactly the size drive they need in a configuration that can ...

Sponsor

toggle

Most Commented

 
toggle

Popular News