Getting your player ready...
NEW YORK — The struggling wireless carrier Sprint Nextel Corp. said Friday that it will need to raise more money to build a higher-speed data network even as it must spend more to subsidize sales of the new iPhone to its customers. Sprint’s stock fell 20 percent.
Shares of Clearwire Corp. fell 32 percent after Sprint disclosed details of its new network, known as 4G, for fourth-generation.
Sprint said it will stop selling phones and other devices compatible with Clearwire’s current network at the end of next year, after it switches on its own 4G network. Sprint is Clearwire’s largest customer and majority owner, but doesn’t control it.
