Tags: LightSquared | Network | Partner | Sprint

LightSquared Loses Network Partner Sprint

Friday, 16 March 2012 09:48 AM

Embattled telecom startup LightSquared LP lost its main business partner in its struggle to build a high-speed wireless service.

Sprint Nextel Corp said on Friday it would exercise its right to scuttle the agreement that would have allowed LightSquared, a venture backed by hedge fund manager Philip Falcone, to use a network Sprint is building to offer its own high-speed wireless service.

Sprint cited LightSquared's failure to get regulatory approval due to evidence that its network would interfere with the Global Positioning System used by airlines, the military and others.

"We remain open to considering future spectrum hosting agreements with LightSquared, should they resolve these interference issues, as well as other interested spectrum holders," Sprint said in a statement.

Sprint said it has returned $65 million in prepayments LightSquared had made.

Also on Friday, comments are due on a government proposal to strip LightSquared of its authority to use its airwaves for a cellular network.

© 2018 Thomson/Reuters. All rights reserved.

1Like our page
Friday, 16 March 2012 09:48 AM
Newsmax Media, Inc.

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved