Sprint, Comcast Looking For Friends To Help Clearwire Get Back On Its Feet

Clearwire (NSDQ: CLWR) needs a helping hand, there’s no doubt about that. And it sounds like a familiar friend may be riding to the rescue backed by some unfamiliar allies.

Sprint (NYSE: S) has gathered a consortium of cable companies for discussions as to whether or not enough capital can be secured to make a controlling bid for Clearwire, which has had a disastrous year of huge losses. Clearwire recently announced that it plans to build an LTE-based network to deliver 4G speeds after spending years trying to get people interested in a WiMax network, but few believe that Clearwire can actually build a new network on its own given its current financial situation.

Enter Sprint and Comcast (NSDQ: CMCSA), who have already invested in Clearwire, according to a report from Bloomberg. Those two companies are mulling over their options with Cox Communications and Cablevision (NYSE: CVC), weighing whether or not they should buy the company outright or pump more money into its coffers so it can buy enough equipment for an LTE network.

Sprint has invested an awful lot of money in Clearwire to this point, and is therefore unlikely to let the company completely flounder. It will also need a strong network if it is to face a combined AT&T/T-Mobile and Verizon as its primary competition in 2012, and having an LTE network available to its customers could help Sprint secure handsets that it might not necessarily be able to get for a WiMax network.