FACTBOX: Clearwire and Sprint's WiMax venture plan

NEW YORK (Reuters) - Sprint Nextel Corp and top U.S. cable companies said on Wednesday they were investing in Clearwire Corp to build a network based on WiMax, an emerging high-speed wireless technology.

Five partners, bringing a combined $3.2 billion in funding, include Comcast Corp, Time Warner Cable, Intel Corp, Google Inc and Bright House.

Following are details of the venture plan:

Venture ownership:

Sprint Nextel: 51 percent

Clearwire shareholders: 27 percent

Strategic investors: 22 percent

Leadership:

Chairman: Craig McCaw, Clearwire founder

CEO: Benjamin Wolff, current Clearwire CEO

President: Barry West, current Sprint technology chief

Board members:

John Stanton, Trilogy Equity Partners

Seven directors representing Sprint and including:

Dan Hesse, Sprint CEO

Four members representing other investors including:

Brian Roberts, Comcast CEO

Glenn Britt, Time Warner Cable CEO

Clearwire plans to:

-Win shareholder and regulatory approval

-Close venture transaction in the fourth quarter of 2008

-Build WiMax coverage for 120 million to 140 million people by end 2010

-Seek $2 billion to $2.3 billion in additional funding

-Use additional funds to become cash flow positive and extend network to 200 million people

-Funding needs could be lower if network construction is slower

-Connect WiMax data cards and consumer devices in 2009

Sprint plan:

-Contribute $7.4 billion of assets such as airwaves

-Rent space on the Clearwire network on a wholesale

basis to provide WiMax services to its customers to complement existing voice and data services

-Rent space to cable partners on existing mobile network

-Sell multi-mode devices that work on both the WiMax network and its existing services

-Receive reimbursement from Clearwire for building WiMax network covering 15 million people this year

-Offer Wimax data cards in 2008

(Reporting by Sinead Carew)