Clearwire Taps Additional $80M in Cash from Sprint
Clearwire today said that it will, for a second time, draw $80 million in financing made available by Sprint. The $80 million option was put in place as part of Sprint's plan to acquire the portion of Clearwire that it doesn't already own. Clearwire, which is transitioning from WiMax to LTE, needs the financing to continue operations. Clearwire can tap into an $80 million round once per month between now and October. Sprint is facing shareholder opposition in its attempt to purchase Clearwire, which it needs to complete in order to facilitate its own equity sale to Japan's Softbank.
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.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
Nonprofits Convince Judge to Delay Sprint's WiMAX Shutdown
Mobile Citizens, a not-for-profit organization that provides free and low-cost internet service to schools, has won an injunction preventing Sprint from shutting down its WiMax network. Sprint had planned to cease operating WiMax on Nov.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
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.
why finance clearwire