Trying to disconnect from its downtrodden Wireless business, Sprint Nextel Corp. (S) announced it will merge its high-speed wireless business with Clearwire Corp. (CLWR) - forming a $14.5 billion joint venture that plans to roll out the first nationwide WiMax network.   

They’ll get a combined $3.2 billion from interested investors Intel Corp. (INTC), Comcast Corp. (CMCSA), Time Warner Cable Inc. (TWC), Google Inc. (GOOG) and Bright House Networks LLC.

WiMax, an acronym for Worldwide Interoperability for Microwave Access, is a technology that provides high-speed wireless data over long distances via mobile devices such as phones and laptops.

Since the advent of the telephone, communication devices have generally moved away from the necessity of being plugged into an outlet or phone jack. WiMax is doing just that, except at five times faster than the latest wireless technology. So, the significance of this joint venture is huge, especially considering the many telecom and tech titans investing on the ground floor.

Sprint is the first to sign onto developing WiMax technology. Rivals AT&T Inc. (T) and Verizon Communications Inc. (VZ) are backing a similar technology called Long Term Evolution, though it may not be rolled out for another two years, Bloomberg reported.

"In terms of economies of scale for WiMax, Sprint’s deal is the biggest deal out there," Yankee Group Research Inc. analyst Phil Marshall told Bloomberg. "The WiMax industry is holding out very high hopes for the Sprint network to be successful."

Sprint will have 51% ownership of the joint venture, while Clearwire shareholders will have a 27% stake and the remaining investors will have a combined 22% share. The deal is expected to close in the fourth quarter.