Telecom company Clearwire (NASDAQ: CLWR) recently revealed its latest budget spreadsheet, and after lackluster results, this may be the company's final quarter among Wall Street stock picks. Clearwire and its largest shareholder, Sprint (NYSE:S) may soon be great investment opportunities... for another company.

During the conference call, Clearwire confirmed that Verizon Wireless had its eyes set on acquiring the company's spectrum licenses for around $1.5 billion, and DISH Network has also made an offer for $25 billion. Besides these investment strategies, Sprint is also keen on trying to acquire the 50% of Clearwire it doesn't already own.

What's the best financial advice for Clearwire to take here? Can DISH use it to become one of the top stocks in the telecom sector? Or will Verizon use Clearwire's spectrum licenses to turn itself into the best investment out there? Fool contributor Caroline Bennett analyzes this acquisition drama, and what it means to potential investors.