Sprint Reduces Voting Rights, But Not Equity, In Clearwire
Sprint has shrunk its voting power in Clearwire from 53.7% to 49.8%. The move was made to alleviate investor concerns that its stake in Clearwire could eventually become a liability. "Sprint is proactively providing protection and flexibility with respect to its debt agreements and eliminating ongoing investor concerns about any potential cross-default risk," Scott Sloat, a spokesperson, said in a statement. The change in voting rights has no impact on Sprint's ownership stake in Clearwire nor its relationship with the WiMax provider.