* Deal reached Wednesday with Eagle River * Sprint to pay $100 million for McCaw's interests * Analyst says removes control risk * Clearwire shares sink in early trading Oct 18 (Reuters) - Wireless carrier Sprint Nextel Corp has acquired a majority interest in Clearwire Corp by buying a stake from the company's founder, after a dispute with other investors scuttled a similar attempt to take control last week. Clearwire shares fell more than 6 percent in early trading, as the new arrangement appears to have dashed hopes that Sprint would buy the company outright. Sprint reached the deal with Eagle River Holdings on Wednesday and now controls a 50.8 percent stake in Clearwire, it said in a securities filing on Thursday. Eagle River is the investment vehicle of Clearwire founder and wireless industry veteran, Craig McCaw. The Clearwire deal comes less than a week after Sprint agreed to sell 70 percent of itself to Japan's Softbank Corp in a $20 billion transaction. Analysts and investors widely expected Sprint to subsequently acquire, or at least assume control of, Clearwire, in which it already held a nearly 50 percent stake. Clearwire's spectrum is crucial to planned high-speed upgrades to Sprint's network, and its planned technology platform is similar to one already adopted by Softbank. FBR Capital Markets, in a note to clients on Thursday, said the deal eliminated a major risk for Sprint, which can now control Clearwire's valuable spectrum assets and have unfettered access to them. Yet the deal could actually make Sprint's financial picture look worse, one analyst said, if Sprint has to consolidate Clearwire's results and debt onto its own balance sheet. Whether it will have to do so is still not clear. " While we believe Clearwire shares could be volatile today ... there remain many important (and unanswered) questions in our view," Wells Fargo analyst Jennifer Fritzsche said in a client note. OBJECTIONS MADE For purposes of the deal, Sprint paid the equivalent of $2 per Class A share for Eagle River's 30.9 million shares. Sprint also purchased fractional interests in some Class B shares, which added to the price. In total, Sprint said it would pay $100 million for the acquisition, all from working capital. Sprint also disclosed that Eagle River had sent notice on Oct. 13 that it wanted to sell, but that other Clearwire shareholders, including Intel Corp and Comcast Corp , objected to the form of the sale offer. Sprint said it and Clearwire "disagree with the merits of the objection and allegation" but that in the interests of avoiding a dispute had withdrawn that earlier proposal in favor of the new one made Wednesday. Representatives of Intel and Comcast were unavailable for comment Thursday morning on the nature of those companies' objections. The two collectively hold about 16 percent of Clearwire's Class A stock, according to Thomson Reuters data. Clearwire shares fell 6.7 percent to $2.11 in morning trading. The stock was trading at $1.30 before news of the Sprint-Softbank deal broke last week.