Sept 17 (Reuters) - Time Warner Cable Inc has put a process in motion to sell its stake in wireless service provider Clearwire Corp, according to a regulatory filing.
The move, announced in a document filed with the U.S. Securities and Exchange Commission on Friday, follows the cable company’s agreement to sell spectrum to Clearwater’s biggest rival, Verizon Wireless. That deal was recently approved by U.S. regulators.
Time Warner, which previously depended on Clearwire as its wireless wholesale partner, has also forged a wireless service agreement with Verizon Wireless under which it will sell wireless services using the Verizon Wireless network.
Time Warner was not immediately available for comment on Monday. A Clearwire spokesman said that Time Warner’s roughly 46 million shares represent a 7.8 percent economic interest and just over 3 percent of the voting shares in Clearwire.
Clearwire, whose biggest shareholder is Sprint Nextel Corp , said recently that it has enough funding to last it another year.
Clearwire shares fell 5 percent on Monday on the Nasdaq to close at $1.54, their lowest in nearly two weeks.