Sprint Nextel Assumes Control of Clearwire

Has majority stake in wireless provider

Wireless carrier Sprint Nextel Corp said it has acquired a majority interest in Clearwire Co. by buying a stake from the company's founder.

A similar attempt by Sprint to take control of Clearwire last week was scuttled by a dispute with Intel and other investors.

Clearwire shares fell more than 8 percent as the new arrangement appears to have dashed hopes that Sprint would buy the company outright.