NEW YORK (Reuters) - Time Warner Cable Inc TWC.N has begun a sale of its stake in Clearwire Corp CLWR.O, the wireless service provider said on Thursday.
Clearwire, which is majority owned by Sprint Nextel Corp (S.N), 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.
Reporting By Sinead Carew. Editing by Andre Grenon