Sprint No Longer Majority Owner of Clearwire
Sprint today indicated that, thanks to recent equity stakes sold by Clearwire, it no longer owns 54% of the company. Its ownership share has fallen to less than 50%. The change in ownership means Sprint will reclaim its voting rights, which it reduced last year to avoid the potential for a debt risk due to Clearwire's tenuous financial standpoint. Sprint has owned a majority stake of Clearwire for years, and has pumped several billion dollars into the company this year through bond sales.
SoftBank, Sprint Majority Owner, to Split In Two
SoftBank today revealed a plan to separate itself into two separate companies, one for its Japan-based carrier business and another for its international operations, including Sprint. SoftBank's domestic business unit, which includes investments in Yahoo Japan, will be run by Ken Miyauchi.
Sprint's WiMax Shutdown May Halt Service for Charities
Sprint plans to deactivate its WiMax network on Nov. 6, but some charities say the change will eliminate internet service for some 300,000 Americans altogether.
Sprint Phones Vanishing from Walmart
Sprint's presence at the nation's largest retailer has dwindled in recent weeks, according to Fierce Wireless. Some 500 Walmart stores across the country continue to sell Spint handsets, but the majority of Walmart's 4,177 brick-and-mortar locations no longer have them in stock.
SoftBank to Trim Thousands of Jobs at Sprint
Masayoshi Son, CEO of SoftBank, said the company plans to eliminate thousands of jobs at Sprint in order to reduce costs and aid in the company's turn-around plans. Son made the comments while discussing SoftBank's financial performance, which was impacted negatively by Sprint.