The new Clearwire – the company Sprint Nextel is forming with Craig McCaw’s Clearwire Corp. – is aiming for a network deployment that will reach up to 120 million to 140 million people in the United States by the end of 2010.

The long-anticipated news about how Sprint CEO Dan Hesse would capitalize on his company’s WiMax wireless technology advantage finally has arrived. Hesse has crafted a deal drawing more than $3 billion from the likes of Google, Intel, Comcast and others.

Sprint is merging its Xohm business with Clearwire to create a new company that will use the Clearwire name.

Benjamin Wolff, Clearwire’s current CEO, will be CEO of the new company. Barry West, Sprint’s chief technology officer and Xohm business unit leader, will be president of the new venture.

Other staffing for the company will come both from the existing Clearwire and Xohm teams.

The new company will have a headquarters in Kirkland, Wash., but it will have its research-and-development operation and a significant employee presence in Herndon, Va.

We’ll provide more updates after the companies reveal more details on a conference call later this morning.