CORRECTED - Google says won't give Clearwire more financing
(Corrects headline to say Google will NOT give Clearwire more financing)
* Will not give more financing
* To focus on helping it on product and strategy
* Clearwire shares up 5 pct, Google shares up 1.6 pct
NEW YORK, Nov 9 (Reuters) - Google Inc (GOOG.O) said on Monday that it could best help wireless service provider Clearwire Corp CLWR.O by cooperating on products and strategy rather than giving it more financial assistance.
Google is among several investors in Clearwire along with majority-owner Sprint Nextel (S.N), and chip giant Intel Corp (INTC.O) and cable providers such as Comcast Corp (CMCSA.O) and Time Warner Cable In (TWC.N).
The comment follows a report that Sprint is planning to help Clearwire narrow a funding gap with a $1 billion investment and the other partners, excluding Google, would give Clearwire another $500 million in funding.
Google said that it still supports Clearwire's efforts to build a high-speed wireless network based on an emerging technology known as WiMax.
"We have already made a significant financial investment, and at this point we think the best way we can continue to add value is through continued product and strategic cooperation," Google spokesman Andrew Pederson said in an email.
Clearwire shares were up 35 cents, or more than 5 percent, at $6.84 on the Nasdaq, where Google stock was up $8.92 or almost 2 percent at $560.02. (Reporting by Sinead Carew and Megan Davies; Editing by Steve Orlofsky)
- Lightning, rain fail to deter resolute Hong Kong protesters |
- Kurds seize Iraq/Syria border post; Sunni tribe joins fight against Islamic State |
- Special Report: Islamic State uses grain to tighten grip in Iraq
- Protesters stay out on Hong Kong streets, defying Beijing |
- EBay follows Icahn's advice, plans PayPal spinoff in 2015 |