Cash-strapped broadband wireless provider Clearwire on Monday officially debuted its WiMax-based service in five additional markets -- Los Angeles, Miami, Cincinnati, Cleveland and Columbus, Ohio -- and said it plans to launch 4G service in the San Francisco Bay area on Dec. 28.
The company is majority owned by Sprint with investors including Comcast, Time Warner Cable and Bright House Networks. Earlier this month Clearwire said it will eliminate 15% of its workforce, or about 630 employees, and substantially cut back sales and marketing spending, among other cost-cutting measures.
Clearwire had $1.39 billion in cash and equivalents as of Sept. 30, versus $2.27 billion at the end of June. The Kirkland, Wash.-based company has said it is looking at various avenues for raising capital, including potential strategic transactions, additional debt or equity financings and/or asset sales.
With the five additional markets, Clearwire's 4G network now serves 68 markets covering 103 million people in the U.S., including in New York, Chicago, Houston and Philadelphia. The company expects to have more than 4 million subscribers by the end of 2010.
In Los Angeles and Orange County, Calif., Clearwire covers more than 11 million people, extending from West Hills (east of Burbank) to Irvine and back up to Ontario, including most of the L.A. metro area.
In Miami, the company covers approximately 3.8 million people from North Ft. Lauderdale to the South Miami metro area, including Coral Gables, Coconut Grove, North Miami, Hallandale, Dania Beach and Hollywood.
In Cleveland, service covers 1.4 million people and extends from Avon Lake to Fairport Harbor Village along Lake Erie, and south to Bedford Heights and Brunswick. In Cincinnati, service covers 1.3 million people and extends from Hamilton to West Chester and Mason in the north, and in the south from the Cincinnati Northern Kentucky Airport to Mount Washington. In Columbus, service covers 1.1 million people and extends from Dublin to Worthington and Polaris in the north, and from Galloway to Reynoldsburg in the south, as well as everywhere within the I-270 loop.