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Sprint Nextel nixes funding push - ReportTelecom company decides against offer by SK Telecom and private equity firm Providence to invest $5 billion and install former chair as CEO, according to a report. NEW YORK (CNNMoney.com) -- Sprint Nextel has rejected a massive investment bid that would have installed a former company chairman as CEO, according to a report Thursday afternoon. South Korea's SK Telecom (Charts) and private equity company Providence Equity Partners had proposed investing $5 billion in Sprint Nextel and bringing , Tim Donahue on to reshape the management, according to The Wall Street Journal. Last month Sprint's (Charts, Fortune 500) CEO Gary Forsee stepped down, and the company is looking for a new chief executive. Donahue was head of Nextel and helped negotiate the deal to sell the company to Sprint in 2004, according to the report. Donahue was well-liked by Nextel employees, but some members of the Sprint board have resisted bringing him back to the company, said the Journal. |
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