Time Warner Cable abandons wireless business plans, sells 7.2 percent Clearwire stake

Time Warner Cable has decided against entering the wireless business, and as such, it's selling the 7.2 percent stake in Clearwire it picked up in 2008. Thanks to the dwindling value of the network provider, it's $550 million investment is now only worth around $73 million. Current investors have first refusal on the shares, but it's unlikely to find takers quickly, given that both Intel and Google dumped their interests at a steep loss and even Sprint has ceased to be its majority owner -- although the company itself did tell The Wall Street Journal that it's doing perfectly fine, but thanked it for asking, before quickly dashing off to "a thing."

Filed under: Cellphones, Home Entertainment, HD

Time Warner Cable abandons wireless business plans, sells 7.2 percent Clearwire stake originally appeared on Engadget on Wed, 19 Sep 2012 00:25:00 EDT. Please see our terms for use of feeds.