Clearwire Banks Another $734 Million
Clearwire says that its recent stock offering has brought in a total of $734 million in new capital for the WiMax network operator. The stock offering itself captured $402.5 million. Clearwire received an additional $331.4 million in proceeds from Sprint's exercise of preemptive right to purchase 173.6 million shares of Class B Common Stock. The funds will be used to run the business as well as help it build out its planned TDD-Long Term Evolution 4G network.
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.
Sprint Settles Lawsuit Over Nextel Merger for $131 Million
Sprint today settled a class-action lawsuit regarding its 2005 acquisition of Nextel for $131 million. Investors claim Sprint executives defrauded shareholders by inflating stock and bond prices after Sprint closed its acquisition of Nextel.
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.
Pandora Weighing Potential Sale
Pandora Media may sell itself and has met with Morgan Stanley to help broker such an action, reports the New York Times. The music-streaming service has seen its stock value drop by 60% over the last few months and the company is facing increased competition from the likes of Apple Music and Spotify.
Sprint and Verizon Fined Total of $158M to Settle Cramming Charges
The FCC today said Sprint and Verizon Wireless have agreed to pay $158 million to settle charges that they fraudulently charged customers for third-party services — a tactic referred to as cramming. Specifically, Sprint will pay a total of $68 million, $50 million of which will go back to customers, $14 million of which will go to state governments, and $2 million of which will go to the federal government.