Sprint buys majority control of Clearwire
![A Sprint Nextel cell phone store on Oct. 15, 2012 in Miami, Fla.](https://cdn.statically.io/img/www.usatoday.com/gcdn/media/USATODAY/USATODAY/2012/10/18/gty-154162454-16_9.jpg?width=660&height=373&fit=crop&format=pjpg&auto=webp)
NEW YORK (AP) — Sprint is buying out the founder of Clearwire to gain majority control of the wireless network operator.
Sprint's move follows a pledge by Japan's Softbank to infuse Sprint with cash by buying a majority stake in it.
In a regulatory filing Thursday, Sprint Nextel said it will pay wireless pioneer Craig McCaw and his holding company $100 million for a 5 % stake in Clearwire, pushing Sprint's stake above 50%.
Clearwire has the right to use a large share of the nation's airwaves, but lacks the money to renovate and expand its network.
Sprint has been struggling financially too, and hasn't been in a position to invest in Clearwire until Monday's announcement that Japanese cellphone company Softbank would buy 70% of Sprint for $20 billion.