Clearwire Completes Landmark Transaction with Sprint Nextel to Combine 4G Mobile WiMAX Businesses, Clearwire Receives $3.2 Billion Cash Investment from Comcast, Intel, Time Warner Cable, Google and Bright House Networks.

–Clearwire Spectrum Holdings to Enable Unmatched Wireless Network Capacity for Broadband Services

–Clearwire to Hold Conference Call and Webcast for Press and Industry Analysts on Monday, December 1, 2008

Clearwire Corporation ((NASDAQ:CLWRD) for the first 20 trading days and (NASDAQ:CLWR) thereafter) and Sprint Nextel Corporation (NYSE:S) announced today that they have completed the transaction to combine their next-generation wireless Internet businesses. With the closing, Sprint contributed all of its 2.5 GHz spectrum and its WiMAX-related assets, including its XOHM business, to Clearwire. In addition, Clearwire has received a $3.2 billion cash investment from Comcast, Intel, Time Warner Cable, Google and Bright House Networks. The transaction with Sprint and the new cash investment were completed on the terms originally announced on May 7, 2008. The new company retains the name Clearwire and remains headquartered in Kirkland, Washington.

Webcast and Conference Call

On Monday, December 1, 2008, at 10 a.m. Eastern Time (7 a.m. Pacific Time), Clearwire will hold a conference call for press and industry analysts to share its perspective and provide other details about the new company. The call is expected to last approximately 30 minutes. To access Monday’s conference call, please dial 866-783-2140 or outside the U.S., dial 857-350-1599. The passcode for the call is 41467097. The simultaneous webcast can be accessed via the Internet at http://investors.clearwire.com. The conference call will be archived and available for replay until midnight Eastern Time (9 p.m. Pacific Time), on Monday, December 15, 2008. To access the replay, please call 888-286-8010 or outside the United States, dial 617-801-6888. The replay passcode is 67750421.

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