Sprint Nextel and Clearwire on Wednesday announced the formation of a new wireless carrier that will be co-owned by a consortium of industry leaders including Google, Intel, Comcast, Time Warner Cable, and Bright House Networks.

The new carrier, which will inherit the Clearwire name, will take charge of a nationwide wireless broadband network based on WiMAX, a relatively untried wireless technology.

“This helps Sprint immensely because with the distraction of WiMAX out of the way, they can get back to focusing on their core business,” said Joe Nordgaard, director of wireless consulting firm Spectral Advantage. “But this is a home run for Craig McCaw and Clearwire.”

Craig McCaw, the wireless magnate who founded Clearwire, is expected to serve as the new Clearwire’s nonexecutive chairman of the board.

The new Clearwire will have a startup value of $14.5 billion. Sprint, the No. 3 U.S. mobile carrier, will contribute $7.4 billion worth of WiMAX-related assets and own 51 percent of the new Clearwire.

Clearwire will contribute the total value of its business, which is estimated at $3.9 billion. That translates into a 27 percent stake in the new Clearwire.

Both Sprint’s and Clearwire’s contributions are based on the new firm’s target share price of $20.

Comcast will invest $1.05 billion, while Intel Capital will invest $1.0 billion in addition to its previous investments made in Clearwire.

Time Warner Cable will invest $550 million, while Google will invest $500 million, and cable company Bright House Networks will invest $100 million.

The consortium’s total investment of $3.2 billion will give it a 22 percent stake in the new Clearwire.

It is unclear how much of Sprint’s WiMAX-related debt will be transferred to Clearwire.

The amount of debt Sprint gets rid of could affect its attractiveness as a takeover target. Rumors that German giant Deutsche Telekom is interested in acquiring Sprint surfaced earlier this week. (see Deutsche Telekom Eying Sprint Purchase)

The new Clearwire board will include Sprint CEO Dan Hesse, Comcast CEO Brian Roberts, and Time Warner Cable CEO Glenn Britt. 

Sprint and Clearwire have pursued slightly different WiMAX paths. Clearwire has a single gear supplier, Motorola, while Sprint has named Nokia, Motorola, Samsung, and Intel as its main suppliers. (see Sprint, Nokia Ink WiMAX Deal)

“From a standards perspective we were both headed in the same direction and we had one supplier (Motorola) in common,” said Atish Gude, Sprint’s senior vice president, mobile broadband. “As to what vendors we pick for our joint venture, that will have to be decided. I don’t think there will be a major reshuffling.”

Sprint’s WiMAX spectrum properties will account for about 70 percent of the network's coverage area, while Clearwire’s will account for about 30 percent.

“This shows the world that a very large, well-funded carrier has committed to WiMAX and will drive the standard and the ecosystem,” Mr. Gude said. “It expands the marketplace for infrastructure and chip set suppliers around the world.”