Time Warner Dumping Its Clearwire Stake
Time Warner today announced that it plans to sell its entire 7.8% stake in Clearwire, the beleaguered WiMax provider. Time Warner invested in Clearwire with other tech companies, such as Google and Intel, in 2008. Clearwire struggled to gain subscribers and has since launched an effort to convert to LTE 4G. Time Warner's original investment was worth $550 million. At today's market prices, it will get back only $73.3 million. Time Warner notified its fellow investors, as well as the Securities and Exchange Commission. Google sold off its stake earlier this year at a $443 million loss, and Intel wrote down the value of its 7.3% investment. Sprint remains the largest shareholder Clearwire.