AAPL Stock: 109.5 ( -1.28 )

Printed from

Google sells $47m stake in Clearwire

updated 10:15 am EST, Fri February 24, 2012

Google offloads Clearwire share for unknown reason

Google in an SEC filing posted last week but discovered Friday that it had sold off its stake in 4G provider Clearwire. Two sales on February 7 and 16 were collectively worth $47 million on the assumption of selling 29.4 million shares at $1.60 each, or less than Clearwire's $2.27 actual price as of the end of Thursday. No explanation was given for the exit.

The search firm invested a full $500 million in Clearwire in 2008 to help promote the high-speed Internet access it depends on. However, it has mostly grown cold and left Sprint to help bail Clearwire out until it returned to profit, mostly after wide-ranging budget cuts.

Clearwire is currently in the middle of a jump to LTE and is likely to see high costs as it upgrades its network over the course of the next year. Losing Google support won't be fatal to its prospects but could hurt Clearwire's balance sheet in the process. [via CNET]

by MacNN Staff



Login Here

Not a member of the MacNN forums? Register now for free.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Polk Hinge Wireless headphones

Polk, a company well-established in the audio market, recently released a new set of headphones aimed at the lifestyle market. The Hin ...

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...


Most Commented