News Summary: Sprint raises offer for Clearwire

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News,Business

IT'S A DEAL: Sprint Nextel Corp. agrees to buy out the portion of wireless network operator Clearwire that it doesn't already own after raising its offer price to $2.2 billion.

IMPLICATIONS: The deal would give Sprint control of a flailing affiliate, one it depends upon to provide high-speed data services on some of its phones. It would increase Sprint's access to the airwaves, meaning it could boost data speeds in coming years.

HURDLES: Some Clearwire shareholders were hoping that the company would hold out for an even better offer. A majority of Clearwire's minority shareholders need to approve the deal.

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