Sprint Nextel (NYSE:S) wants to buy Clearwire (UNKNOWN:UNKNOWN). DISH Network (NASDAQ:DISH) also wants to buy Clearwire -- or Sprint, if the Clearwire deal falls through. Japanese network operator SoftBank is putting up its dukes for a fight over Sprint, though. And if all else fails, DISH is building its own portfolio of radio spectrum licenses.

If all this wrangling makes your head spin, you're not alone. DISH and Sprint are at the eye of a deal-making hurricane that is sure to transform the American wireless industry in a dramatic fashion. The duopoly of AT&T and Verizon is about to gain a serious third contender.

In the video below, Fool contributor Anders Bylund walks you through the latest updates in the Sprint saga, and how DISH is positioning itself for a future beyond the satellite market.

Fool contributor Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.