WiMax is supposed to be five times faster than current traditional wireless technologies, and it can handle a range of mobile and video applications.
Comcast is reportedly looking to invest as much as $1 billion; Time Warner Cable, about $500 million.
Cable companies have looking to branch out of their slower-growing wired businesses--traditional TV networks and problems and also the Internet. WiMax could solve continued high capital costs that have weighed down cable operators, according to analysts.
Sprint Nextel, along with partner Clearwire, have had problems with the technology as well as concerns in getting major funding for the project. Overall, the venture is looking to raise $3 billion. One report says Intel Corp. may invest $1 billion.
To solve some of its current financial and consumer problems, Sprint and Clearwire had considered letting consumers roam between both companies' WiMax networks. But it abandoned that idea.
Cable companies like Comcast have been pushing into the wireless field by bundling wired and wireless services--to compete with the likes of traditional telecommunications companies such as Verizon Communications. Comcast has been packaging services such as high-speed Internet, cell-phone, land-line phone and video.