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Sprint, Clearwire Ready to Form WiMax Network

Sprint Nextel and Clearwire are in "advanced discussions" to form a joint venture that would build a high-speed wireless network using WiMax technology, according to a media report Tuesday.

The joint venture would bring in outside funding from companies like Best Buy, Googleand Intel, the Wall Street Journal reported.

The plan could entail spinning off Sprint'sWiMax unit and merging it with Clearwire, the Journal said.

The companies were in similar talks for a cost-sharing project on WiMax last year but the deal was abandoned amid management transitions at Sprint, the report noted.