Sprint buys majority control of Clearwire

NEW YORK (AP) - October 18, 2012

Sprint Nextel Corp. says in a regulatory filing Thursday that it will pay wireless pioneer Craig McCaw and his holding company $100 million for a 5 percent stake in Clearwire, pushing Sprint's stake above 50 percent.

Clearwire has the right to use a large share of the nation's airwaves, but lacks the money to renovate and expand its network. Sprint has been struggling financially too, and hasn't been in a position to invest in Clearwire until Monday's announcement that Japanese cellphone company Softbank would buy 70 percent of Sprint for $20 billion.

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