Sprint Nextel (S) and Clearwire (CLWR) Up on Reports Large Cable Cos To Help Fund WiMax Venture
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Sprint Nextel Corp. (NYSE: S) and Clearwire Corporation (Nasdaq: CLWR) are higher this AM on reports the two largest cable companies, Comcast (Nasdaq: CMCSA) and Time Warner Cable (NYSE: TWC), are in talks to provide funding for the new WiMax venture from the two.
Sprint Nextel and Clearwire, which have been working for months on the plan, are trying to raise at least $3 billion to fund the venture. Comcast could put in as much as $1 billion and Time Warner Cable could put in another $500 million, according to the Journal.
Clearwire is up 19% and Sprint is up 9% in pre-open trading.
Link to WSJ Article $ [LJ]
Sprint Nextel and Clearwire, which have been working for months on the plan, are trying to raise at least $3 billion to fund the venture. Comcast could put in as much as $1 billion and Time Warner Cable could put in another $500 million, according to the Journal.
Clearwire is up 19% and Sprint is up 9% in pre-open trading.
Link to WSJ Article $ [LJ]
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