The news comes in the week after Clearwire posted fourth quarter losses, missed its sales forecast and indicated that it may require additional funding to continue its operations.
F**k it, we'll do it live!
As The Verge notes, at a proposed $1.60 price per share, Google is looking to sell its 6.5% stake for around $47 million, around a tenth of the $500 million it bought into the company at back in 2008. It also undercuts the current $2.27 share price on the NASDAQ.
Google’s filing notes: “Google periodically rebalances its investments based on its goals and its evaluation of market conditions,” but the move comes as the company has been looking to consolidate its operations in a few core areas such as search, advertising and social.
Following its closure of a swathe of services that didn’t fit Larry Page’s vision of a focused Google, it is getting out of a struggling business it most certainly doesn’t need to be part of.