News Summary: Sprint seeks control of Clearwire

AP News
Posted: Oct 18, 2012 12:21 PM

NEW PHONE DEAL: Sprint Nextel Corp. wants to buy out the founder of Clearwire Corp. to gain majority control of the wireless network operator.

THE BACKDROP: It follows an announcement that Japanese cellphone company Softbank Corp. will buy 70 percent of Sprint for $20.1 billion, giving it cash to buy Clearwire.

DETAILS: Sprint will pay wireless pioneer Craig McCaw and his holding company $100 million for a stake in Clearwire, pushing Sprint's voting stake in the Bellevue, Wash., company from 48.1 percent to 50.3 percent.