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Sprint pledges support to Clearwire
PETER SVENSSON
(The Associated Press)

05:45:16AM (ET) Friday,December 2,2011.

NEW YORK (AP) — Sprint Nextel Corp. is mending fences with independent subsidiary Clearwire Corp., pledging Thursday to use the data network Clearwire is planning to build and to participate if the company raises more capital.

The announcement is a lifeline for Clearwire, which is struggling financially. It's using a network technology called WiMax that has been bypassed by all phone companies except Sprint, and lacks the funding to upgrade to the industry's standard technology.

Clearwire shares climbed 29 cents, or 16 percent, to $2.07 in afternoon trading. Earlier in the day, the stock was up as much as 37 percent. The stock has been very volatile this year, as investors have followed the blow-by-blow of Clearwire's tempestuous relationship with Sprint.

Sprint's commitment is "foundational in terms of helping us accelerate our progress," Clearwire CEO Erik Prusch said in an interview.

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>> Financial strategy...bottom line.

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