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Sprint Reduces Voting Rights, But Not Equity, In Clearwire

Jun 8, 2011, 10:45 AM by Eric M. Zeman

Sprint has shrunk its voting power in Clearwire from 53.7% to 49.8%. The move was made to alleviate investor concerns that its stake in Clearwire could eventually become a liability. "Sprint is proactively providing protection and flexibility with respect to its debt agreements and eliminating ongoing investor concerns about any potential cross-default risk," Scott Sloat, a spokesperson, said in a statement. The change in voting rights has no impact on Sprint's ownership stake in Clearwire nor its relationship with the WiMax provider.

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Versed

Jun 8, 2011, 3:45 PM

Really?

Geeze, so they think if they come up with some scheme to make people feel they don't own the majority of Clear so they don't look bad? Doubtful it will work. And they're better off blaming AT&T and VZW for their problems. Not their bad investment choices. hchmmm Nextel.

bobc74

I don't think buying Nextel was Sprint's biggest mistake. Say what you want about Nextel, but no one else has a PTT network that beats Direct Connect. No, Sprint's problem was the failed attempt at trying to replace Direct Connect with Q-chat.

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