How Clearwire Became the Darling of Telecom

Clearwire Corp. has long been the U.S. wireless industry’s most embattled carrier. In recent months, the money-losing company has also emerged as its crown jewel.

The company, which covers less than half the U.S. population with high-speed mobile Internet service, has teetered on the brink of bankruptcy. Now, both Dish Network Corp. and SoftBank Corp. are showing keen interest in Clearwire’s huge stockpile of spectrum even as they battle for control of Sprint Nextel Corp., a majority owner of Clearwire.

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