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.
Sprint Takes a 33% Stake In Music Service Tidal
Sprint today said it has acquired a 33% stake in Tidal, a music and entertainment platform. Sprint plans to make Tidal's service available to its 45 million retail customers.
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.
AT&T to Divest America Movil Stake to Carlos Slim
AT&T plans to sell off its entire remaining stake in America Movil to Carlos Slim for about $5.6 billion. AT&T holds 8.3% of America Movil stock, but garners 24% of the company's voting rights.
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.