Sprint Can't Yet Afford to Buy Out Clearwire
Sep 16, 2010, 7:29 AM by Eric M. Zeman
Responding to analyst queries, Sprint CFO Robert Brust said the company has no immediate plans to buy out the remaining 45% of Clearwire that it doesn't own. According to Brust, Sprint doesn't have the capital to make such a deal work. "The path that's probably likely is that we'll continue to infuse some equity (investments) over the coming years and maybe some way down the road to take control of it." he said. "An imminent move on that would just be very expensive." Sprint owns 55% of Clearwire, but other investors, including Comcast, Google, Intel and Time Warner, own the remaining shares. Sprint's board of directors recently indicated that they are seeking ways to find more funding for Clearwire, which can't afford to build out its remaining portion of the nationwide WiMax network the two companies are jointly developing. Some of Sprint's board members suggested that the company would partner with T-Mobile, which has its own problems with respect to competing in the 4G space.
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