Xohm morphs into Clearwire: it’s a deal!

A strange brew of investors and partners will constitute the first nationwide Wimax network in the US. While lack of funds was never referred to by either Sprint or Clearwire as a reason for delays. it’s an obvious factor. The new cash infusion from investors should insure a proper and hopefully a faster build out.

The new Clearwire will be a $14.5 billion venture with Sprint, Comcast Corp (CMCSA.O), Time Warner Cable Inc (TWC.N), Intel Corp (INTC.O), Google Inc (GOOG.O) and Bright House Networks, to build a high-speed wireless Internet network based on the emerging WiMax technology.

WiMax promises to blanket entire cities with Web access for laptops, cell phones and other wireless devices at fast speeds. It aims to have a service area covering as many as 140 million people in the United States by the end of 2010.

Sprint, which would otherwise have had to invest $5 billion on a solo WiMax network, will now inject WiMax assets valued at $7.4 billion into the venture, giving it 51 percent ownership.

Comcast, Time Warner Cable, Intel, Google and cable operator Bright House will get a combined 22 percent and are expected to kick in $3.2 billion to help finance the project.

Existing shareholders of Clearwire, founded by wireless pioneer Craig McCaw, will own the 27 percent of the venture, which is expected to retain Clearwire’s stock symbol. (Yahoo)

Now a message to Clearwire from the Third Pipe team: Build well and quickly and we’ll sing your praises and even give you a pass or two for mis steps in construction and growing pains. Fail to deliver now and we’ll report with the same zeal. You humble admin is very eager to unplug his Death Star DSL modem as soon as competitive service is available.