Sprint-Clearwire WiMAX Deal Maxes Out
Citing "people familiar with the matter," The Wall Street Journal is reporting this morning that Sprint Nextel Corp. and Clearwire Corp. are cancelling their joint agreement to build a nationwide WiMAX high-speed wireless network.
A letter of intent to build such a network was signed in July, when Gary Forsee was still CEO of beleaguered Sprint Nextel. But that was before Forsee- who had championed the deal- lost significant support among his company's Board of Directors, resigned his position in early October.
Forsee's departure, as well as what the Journal sources termed the "complexities of the transaction," were apparently too much to convert the letter of intent into a signed, sealed commitment with a firm go-ahead.
Not the first time I've seen a deal go south with the departure of the deal's champion.
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