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Time Warner Cable to Sell Clearwire Stake Following Verizon Deal
Published on:
Time Warner Cable has announced plans to sell its stake in the WiMAX to LTE network operator, Clearwire.
Time Warner Cable owns 7.8% of the mobile network, which it acquired in 2008 for US$550 million as part of a consortium of companies investing in the WiMAX technology.
The stake is now worth around US$71 million.
The sale of the shares was prompted by the cable TV operator's recent agreement to act as a reseller of wireless services for Verizon Wireless under a recently approved radio spectrum sale deal between the two companies.
Reselling Verizon services while also being an investor in a rival network, which is controlled by Sprint Nextel could have raised regulatory issues.
Tags: [time warner cable] [clearwire] [USA]
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