December 1, 2011 07:19 pm EDT

Sprint gives Clearwire $1.6 billion golden parachute, lovers of WiMAX rejoice

LTE may be Sprint's future network of choice, but WiMAX will be with us for a while longer. Clearwire provides the Now Nework's waves of WiMAX, but it's had recent financial troubles that it claimed could prevent it from making a required $237 million interest payment due today. However, Sprint has come to Clearwire's rescue by agreeing to to pay $926 million to keep the WiMAX network running through 2015. It also pledged to kick in $350 million to help fund the firm's shift to LTE, plus another $347 million in equity funding if Clearwire can raise more than $400 million on its own. Why buy the cow, when you can get the milk for free $1.6 billion, right Mr. Hesse?

Sprint gives Clearwire $1.6 billion golden parachute, lovers of WiMAX rejoice originally appeared on Engadget on Thu, 01 Dec 2011 14:19:00 EDT. Please see our terms for use of feeds.

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