NextWave Wireless this week sold 75% of its IPWireless subsidiary for just $1 million plus transaction expenses, after buying the company for $100 million in April 2007.

The buyer, IPWireless Holdings, is controlled by IPWireless’ original founders and by an unspecified partner company.  The partner is “Someone we have done a major deployment with,” vice president of marketing Jon Hambidge said.

More details will be announced when IPWireless relaunches itself next week, he added.

IPWireless, with 120 employees, inherits product lines for TD-CDMA and TDtv.  The company is also planning for LTE markets.

Meanwhile, NextWave is focusing on mobile television and WiMAX technology.  The company recently sold spectrum, closed other unrelated businesses and received $100 million in financing.

Many experts question how long NextWave can survive.  Its stock is trading for pennies and rumors of bankruptcy persist.

“If you’re a compant that spent $100 million and you’re turning around and selling it for $1 million, that pretty much sums it up,” said industry analyst Mike Thelander, of Signals Research Group.