Sprint Nextel and Clearwire Corp are poised to announce a $12bn joint venture with major cable operators to offer services based on WiMax, an emerging technology that could make wireless Internet ubiquitous, reports Reuters. WiMax is expected to blanket entire cities with Web access for mobile devices at speeds up to five times faster than traditional wireless networks, but it is a largely unproven technology. Shares in regular and afterhours trading rose a total 10% for Sprint and as much as 23% for Clearwire, after sources said the long-awaited deal may be announced as soon as Wednesday morning or afternoon after US market close.
