FCC approves Sprint/Clearwire WiMax wireless joint venture

Both Sprint Nextel (NYSE:S) and Clearwire Corp.(NASDAQ:CLWR) got the green light from the FCC to go ahead with their Wi-Max network, so now is it time to buy these stocks?

Federal Communications Commission approved the deal Tuesday. The Sprint-Clearwire venture aims to deliver high-speed wireless service that's much faster than existing mobile networks.

Sprint will own about 51 percent of the new company, existing Clearwire shareholders will own about 27 percent, and the strategic investors will buy about 22 percent of shares.

The WiMAX network is expected to reach 120 million to 140 million people in the United States by the end of 2010.

For investors deciding to take a risk on CLWR or S shares, its early in the game, and its best to let more information and analyst dicussion to occur before making a move.