NEW YORK (AP) — SHEDDING ASSETS: Google says it will sell its stake in Clearwire Corp., the struggling operator of a wireless data network.
LOSING MONEY: The search company is taking a 94 percent loss on the originally $500 million investment made in 2008. Google is seeking to sell its stake starting Monday for $1.60 per share, or $47 million total.
TROUBLES: The hope was that Clearwire would be a powerful competitor to the established cellphone companies, providing fast wireless data at low prices. But technical challenges and a lack of scale has sidelined it.