Shares of Clearwire slumped more than eight percent today after Time Warner Cable announced plans to sell its stake in the Bellevue broadband wireless provider.
The Associated Press reports that Time Warner Cable plans to sell its 7.8 percent stake, perhaps as early as Monday. The news was first reported in a SEC filing Friday, and shares of Clearwire fell Monday as well. They are down 15 percent in the past five days.
Time Warner’s decision to sell its 46.4 million shares comes after other high-profile companies, including Intel, Sprint and Google have cut or eliminated their positions in the company. Google, for example, sold its Clearwire stake earlier this year for $47 million. It originally invested $500 million.
Intel, which remains a shareholder, could be a possible buyer of the shares, according to a regulatory filing.
Time Warner, which originally invested $550 million in Clearwire in 2008, plans to begin selling services from Verizon Wireless. Its Clearwire stake is now valued at less than $75 million.