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| In the wake of the cable's big bet on WiMax via the reconfigured Clearwire LLC (Nasdaq: CLWR - message board), one can't help but wonder: Which cable vendor is best positioned to cash in? Hello, Mr. Moto. Intel Corp. (Nasdaq: INTC - message board) also has an inside track. (See Cable Plays Clearwire Card.) Already the top supplier of cable set-top boxes and Docsis modems ?and a key supplier of PacketCable embedded multimedia terminal adapters (E-MTAs), Docsis cable modem termination systems (CMTSs), and video grooming and video-on-demand (VOD) server solutions to MSOs ?Motorola Inc. (NYSE: MOT - message board) also happens to be Clearwire's exclusive supplier of WiMax infrastructure equipment. The details are spelled out nicely in a Securities and Exchange Commission (SEC) document Clearwire filed last January. Two years ago, Clearwire, Motorola, and Intel joined together in a $900 million m?age ?trois. Motorola acquired Clearwire's WiMax equipment subsidiary, NextNet Wireless, for roughly $300 million, while Intel invested $600 million in Clearwire's broadband service business. In exchange for their Clearwire investments, both Motorola and Intel landed complementary, exclusive supplier relationships. According to details in its SEC filing, Clearwire agreed to buy 100 percent of its wireless broadband infrastructure and subscriber gear from Motorola through August 2011. After that time, Clearwire's purchase commitment drops to 51 percent. Essentially, the deal covers all of the WiMax gear being used to create Clearwire's network cloud, as well as the portable WiMax modems and PC cards the company is providing its customers today. However, the supplier agreement with Motorola specifically excludes wireless broadband handsets. That's where Intel comes in. Clearwire and Intel inked a collaboration agreement through which "Intel will develop and market certain integrated circuits, modules and other platforms as more clearly defined below to enable OEMs to further develop and sell end user devices for use on the Clearwire Mobile WiMAX Network." As part of the arrangement, Intel committed to create a marketing slush fund for Clearwire. As explained in the SEC filing: "The purpose of these marketing funds is to increase subscribers to the [Clearwire] integrated service offering, increase demand for Intel mobile computing devices enabled to work on the Clearwire network and to reduce Clearwire's expenses associated with acquiring Subscribers." While the dollar amount budgeted by Intel was not disclosed, Clearwire will be happy to have any of it. According to Clearwire's latest quarterly report, the company is now paying $343 per subscriber addition. Intel structured the deal to help front Clearwire's mobile subscriber acquisition costs, requiring the WiMax provider to repay Intel as customers are connected. As explained in the SEC filing: "Clearwire will pay Intel for each new subscriber addition using an Intel mobile computing device that is activated on the Clearwire network after Clearwire has successfully achieved Nationwide Service Launch." A clever arrangement, but here's the real kicker: "Clearwire will pay to Intel [an undisclosed percentage] of the Access Revenue hereafter received by Clearwire, its Subsidiaries or affiliates." Ka-ching! It is fair to assume MSO WiMax retail service revenue is excluded from this clause, though Clearwire may need to pay Intel a share of the wholesale revenue it receives from its cable operator partners. One could foresee Google (Nasdaq: GOOG - message board) potentially earning a payout for mobile devices powered by its Android operating system in exchange for its recent Clearwire investment. In the January 2007 filing, Clearwire also noted that "Intel will endeavor to create a patent alliance among holders of essential patents related to IEEE 802.16 based broadband wireless networks." The plan came to fruition this month with the unveiling of the Open Patent Alliance (OPA) for WiMax technology. Spearheaded by Clearwire and Intel, others that signed on to the initiative include Alcatel-Lucent (NYSE: ALU - message board), Cisco Systems Inc. (Nasdaq: CSCO - message board), Samsung Corp. , and Sprint Nextel Corp. (NYSE: S - message board). (See WiMax Patents Pooled.). Conspicuously absent from the list: Motorola. An understandable move by Moto, given its beachhead position in Clearwire's current WiMax rollout. So far, Moto gear has been used by Clearwire to launch portable (not mobile) WiMax service in 50 markets. Clearwire now counts some 450,000 customers using Motorola CPE. With news out that Comcast Corp. (Nasdaq: CMCSA, CMCSK) is betting on femtocells to drive its WiMax-based mobile broadband deployment, chances are the MSO will be looking to its top CPE supplier (and Clearwire's too) for help with the task. (See Comcast Goes for WiMax Femtocells.) A recent Unstrung Insider analysis of the U.S. femtocell market predicts the technology would likely be embedded in cable modems and set-top boxes. An even better fit could be in PacketCable E-MTAs, given the synergistic voice and data processing functions. A new product category could well be on the horizon -- FEMTAs (femtocell EMTAs) -- that integrate a Docsis 3.0 modem, PacketCable VOIP adapter, and WiMax femtocell. It doesn't hurt that Motorola is a leading mobile handset player either, although Moto has been hammered in the category over the past year. Motorola's mobile handset revenues and unit shipments plunged some 40 percent in the first quarter, compared to the same period a year ago. How will other top EMTA suppliers play in the emerging FEMTA category? Untethered Arris Group Inc. (Nasdaq: ARRS - message board) could partner with the likes of Alcatel-Lucent or Nokia Siemens Networks . Cisco has plenty to bring to the table in its existing cable and IP product portfolios. And in January, Cisco purchased a stake in British femtocell maker ip.access Ltd. . (See Cisco, ip.access Prep Femto Combo.) On paper, Moto has all the pieces to make a strong cable-WiMax play. Now comes the hard part: actually integrating intra-company assets into a compelling solution for Comcast and Time Warner Cable Inc. (NYSE: TWC - message board) in the face of a competing Cisco assault. —Michael Harris, Chief Analyst, Cable Digital News | ||||||
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