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Aug. 6, 2007

Sprint Nextel has asked interested parties to back out of a venture it joined with four other cable companies to bid on the Advanced Wireless Services spectrum auction in 2006.

Sprint joined up with the cable companies, including Comcast and Time Warner Cable, to form the Spectrum Co. joint venture, but said now that it wants to be bought out of the deal.

Sprint says the move doesn't represent a change in its strategy, and that it will not affect the operations of its Pivot offering, an independent and unrelated venture with cable companies to offer wireless phone and VoIP services, bundled with various cable companies' offerings.

Overall, Sprint only held a 5 percent minority stake in the Spectrum Co. venture, but it did spend $100 million on the deal.

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Source: Wireless Week