Sprint Agrees to Save Clearwire, WiMAX Lives A Little While Longer
In an attempt to throw Clearwire a lifeline, Sprint has agreed to bail its WiMAX provider out of their current financial troubles to the hefty tune of $1.6 billion. Thanks to Sprint’s generosity, Clearwire will now be able to make their $237 million dollar interest payment due today. Clearwire’s future was looking rather dismal after it first announced their financial woes in November.
The agreement has Sprint set to pay $926 million to keep the WiMAX network running through 2015. Additionally, the Now Network has promised to throw in $350 million to help ensure the company’s planned transition over to LTE, plus another $347 million in equity funding if Clearwire can raise more than $400 million on its own.
Sprint still plans to introduce data cards and smartphones with LTE connectivity in 2013.
