UPDATE: Clearwire Special Committee Recommends In Favor of Revised $5/Share Sprint Offer

Clearwire Corporation(Nasdaq: CLWR) today announced that its board ofdirectors, based on the unanimous recommendation of the Special Committeeconsisting of independent, non-Sprint-affiliated directors, recommended thatstockholders accept a revised offer from Sprint (NYSE: S) to acquire theapproximately 50 percent stake in the Company it does not currently own for$5.00 per share, valuing Clearwire at more than $14 billion, or $0.30 per MHZpop.As such, the board of directors present unanimously recommended thatstockholders vote FOR the proposed transaction with Sprint and all otherproposals set forth in the proxy statement, and not tender any shares of ClassA common stock pursuant to the DISH Network ("DISH") tender offer."The Clearwire board and special committee have determined that the $5.00 pershare transaction with Sprint represents the best path forward for the companyand is in the best interest of our unaffiliated stockholders," said ErikPrusch, President and CEO of Clearwire. "The amended agreement with Sprintclearly acknowledges the significant value present in Clearwire – from ourdeep portfolio of wireless spectrum to the tremendous amount of progress theClearwire team has made in improving our operations and beginning theconstruction of our next-generation 4G LTE network."Clearwire noted that the revised offer from Sprint provides attractive andcertain value to unaffiliated stockholders. The proposed $5.00 per share offerprice equates to a total payment to Clearwire minority stockholders ofapproximately $3.9 billion, and represents a: * 47% premium over Sprint's prior offer of $3.40; and * 14% premium over DISH's tender offer.Pursuant to the discretionary authority granted to the chairman of the meetingby Clearwire's bylaws, the Company plans to adjourn its Special Meeting ofStockholders, which is currently scheduled to be held at 9:00 a.m. Pacifictime on Monday, June 24, 2013, without conducting any business. The Companyplans to reconvene the Special Meeting of Stockholders on Monday, July 8, 2013at 10:30 AM Pacific at the Highland Community Center, 14224 Bel-Red Road,Bellevue, Wash., 98007. The record date for stockholders entitled to vote atthe Special Meeting remains April 2, 2013.Evercore Partners is acting as financial advisor and Kirkland & Ellis LLP isacting as counsel to Clearwire. Centerview Partners is acting as financialadvisor and Simpson Thacher & Bartlett LLP and Richards, Layton & Finger, P.A.are acting as counsel to Clearwire's Special Committee. Blackstone AdvisoryPartners L.P. has advised the company on restructuring matters.