(Corrects headline to say Google will NOT give Clearwire more
* 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 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