“The drama between Sprint and Clearwire might finally be coming to an end,” Don Reisinger reports for CNET.
“The carrier announced today in a Securities and Exchange Commission filing that it has entered into a deal with Eagle River Holdings that will see it receive additional voting power,” Reisinger reports. “Sprint currently holds 48.1 percent voting power, giving it substantial control, but not enough for it to solely determine Clearwire’s future. Eagle River Holdings has 2.3 percent voting power, and its chief executive, Craig McCaw, owns another 2.3 percent.”
Reisinger reports, “According to the filing, Eagle River Holdings will sell nearly 31 million of its 34 million Class A Common Stock, as well as all of its 2.7 million Class B Common stock, giving Sprint more than 50 percent voting power over Clearwire and its board. Sprint expects to pay $100 million in the transaction.”
Read more in the full article here.