Sprint and Clearwire to Combine WiMAX Businesses, Creating a New Mobile Broadband Company

KIRKLAND, Wash. and OVERLAND PARK, Kan. – May 7, 2008 – Clearwire Corporation (NASDAQ: CLWR) and Sprint Nextel Corporation (NYSE: S) today announced that they have entered into a definitive agreement to combine their next generation wireless broadband businesses to form a new wireless communications company.

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