Sprint Nextel to invest more in Clearwire: report

By @ibtimes on

Sprint Nextel Corp . is preparing to pump at least $1 billion more into Clearwire Corp., the Wall Street Journal reported on Sunday, citing two people familiar with the matter.

Sprint's joint venture partners on Clearwire, a group which includes Comcast Corp ., Intel Corp , Time Warner Cable Inc . and Bright House Networks LLC, are prepared to kick in another $500 million, the paper reported. It said that Google Inc, which has been a key joint venture partner, isn't involved in the latest financing round.

The paper said that an announcement of the new investment could come as soon as this week.

Sprint's CEO Dan Hesse said a recent during earnings call that the company would be supportive of funding Clearwire.

Sprint Nextel, Clearwire, Comcast, Bright House, Intel, Time Warner and Google were not immediately available for comment.

(Reporting by Megan Davies and Sinead Carew)

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