Reston, Va. - The Federal Communications Commission (FCC) voted 5-0 on Tuesday to allow Sprint Nextel (NYSE: S) to merge its new WiMax high speed wireless network with a similar network owned by Kirkland, Wash.-based Clearwire.

The resulting $14.5 billion company, which retains the name Clearwire, will focus on deploying the first nationwide mobile WiMAX network, which promises wireless speeds comparable to those of broadband.

The network has been tested in Baltimore for several weeks.

The companies previously said they have landed $3.2 billion in investments toward the project from Intel Capital, Google, Comcast, Time Warner Cable and Bright House Networks.

The Associated Press reported that the Justice Department has indicated that it will allow the deal to proceed, but plans to continue monitoring it.

Sprint Nextel recently moved its headquarters to Kansas, but maintains major operations in Reston.

Related Links:
http://hraunfoss.fcc.gov/edocs_public/attachmatch/DOC-286221A1.pdf (PDF)

http://biz.yahoo.com/ap/081104/fcc_sprint_clearwire.html?.v=2