Clearwire 2008 Annual Report Download - page 5

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We also forged a partnership with preeminent technology industry leaders who share
our vision for WiMAX and invested $3.2 billion of new equity capital at a price of $17
per share. Perhaps as important as the amount we raised is the fact that many of our
investors in this fi nancing round have a signifi cant strategic interest in Clearwire’s success –
including Comcast Corporation, Intel Corporation, Time Warner Cable Inc., Google Inc.,
and Bright House Networks, LLC – and, along with Sprint Nextel, each brings signifi cant
strategic value to Clearwire. Moreover, Sprint Nextel and our cable partners – with the
former’s approximately 50 million subscribers, and the latter’s combined service to more
than 60 million homes – collectively represent a larger potential customer base for our
services than any other wireless carrier in this country has today.
We believe we have the best of both worlds –
the advantages that come from being associated with
an incumbent nationwide carrier, coupled with the fact
that we are autonomous and singularly focused on the
deployment of our next-generation wireless network.
In short, completing this landmark transaction has given Clearwire the resources and runway
necessary to embark on new market deployments and the upgrade of many of our existing
markets to mobile WiMAX technology, while creating an expanded reach for our 4G mobile
data services well beyond what we previously could have accomplished on our own.
Our newly expanded leadership team, led by the addition of telecom industry veteran
Bill Morrow as CEO, positions us well as we enter our next phase of growth. Bill brings to
Clearwire nearly 30 years of operational management experience in the communications
services industry where he has developed a global reputation as a highly regarded
telecommunications executive with an extraordinary track record of success in U.S.,
Europe and Japan. Experience in key positions with great companies, such as AirTouch
Communications and Vodafone, has given Bill a great perspective on achieving operating
e ciencies and enhancing value creation to profi tably build and scale businesses.
This is an incredibly exciting time for us, and we remain convinced that Clearwire is in the
right place at the right time. Notwithstanding the current economic environment, the fact is
that wireless communications continue to be an extraordinary opportunity for growth in our
country. And now, the predominant driver of growth in the wireless industry is data services.