[Clearwire and Sprint Nextel announce they have completed the transaction to combine their 4G WiMAX businesses. The new company retains the name Clearwire.]

Kirkland, WA & Overland Park, Kan. -- Clearwire Corporation and Sprint Nextel Corporation announced today that they have completed the transaction to combine their next-generation wireless Internet businesses. With the closing, Sprint contributed all of its 2.5 GHz spectrum and its WiMAX-related assets, including its XOHM business, to Clearwire. In addition, Clearwire has received a $3.2 billion cash investment from Comcast, Intel, Time Warner Cable, Google and Bright House Networks. The transaction with Sprint and the new cash investment were completed on the terms originally announced on May 7, 2008. The new company retains the name Clearwire and remains headquartered in Kirkland, Washington.

On Monday, December 1, 2008, at 10 a.m. Eastern Time (7 a.m. Pacific Time), Clearwire will hold a conference call for press and industry analysts to share its perspective and provide other details about the new company.

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