Sprint Nextel and other investors will pump another €1 billion into US-based Wimax operator Clearwire, the Wall Street Journal has reported.
Sprint is reportedly prepared to put in “at least” US$1 billion into the loss-making carrier. Its partners, including Comcast, Intel and Time Warner Cable, are willing to tip in another US$500 million.
An announcement about the fresh investment could come some time this week, when the company is expected to announce its Q3 result.
In its Q2 filing in August, Clearwire reported 511,000 subs, having added just 12,000 for the quarter.
Sprint's CEO Dan Hesse said during a recent earnings call that the company supported extra funding for Clearwire.
However, one of Clearwire’s backers, Google, won’t be pouring any more money into the venture, Reuters reported.
“[A]t this point we think the best way we can continue to add value is through continued product and strategic cooperation,” a Google spokesman said.