Sprint seeks funding for wireless network: WSJ

NEW YORK (Reuters) - Sprint Nextel Corp. (S.N) is exploring new options for funding its wireless broadband network to soothe investor concerns about the cost, The Wall Street Journal reported in its online edition on Wednesday.

The options include forming a partnership or joint venture with cellphone pioneer Craig McCaw and seeking an infusion of cash from cable providers, the Journal said, citing people familiar with the matter.

A Sprint spokesman did not immediately return a call seeking comment.

Sprint has committed to spending about $3 billion through next year to build the high-speed wireless network, called WiMax, but some shareholders -- including Ralph Whitworth's Relational Investors -- have questioned the strategy.

Sprint has held discussion's with McCaw's Clearwire Corp. (CLWR.O) about spinning off WiMax as part of a deal with Clearwire, which already operates a high-speed wireless Internet service, according to the report.

Sprint Nextel shares closed Wednesday at $22.16 on the New York Stock Exchange, while Clearwire finished the day at $19.87 on the Nasdaq.