Time Warner starts Clearwire share sale

NEW YORK, Sept 27 Thu Sep 27, 2012 5:22pm EDT

NEW YORK, Sept 27 (Reuters) - Time Warner Cable Inc has begun a sale of its stake in Clearwire Corp, the wireless service provider said on Thursday.

Clearwire, which is majority owned by Sprint Nextel Corp , said that Time Warner is selling 46.4 million shares or 7.8 million of the company's total outstanding Class A common stock.

Time Warner said earlier this month that it would sell its stake in Clearwire.

Clearwire shares fell to $1.44 in late trading after closing at $1.48 on Nasdaq.

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