According to the Wall Street Journal, Philip Falcone's hedge fund says its mobile-broadband start-up, LightSquared Inc., has signed a 15-year agreement with Sprint Nextel Corp. to jointly build and operate a planned new wireless network.
The deal, disclosed in a letter to investors in Mr. Falcone's Harbinger Capital Partners hedge funds, reflects progress on the business side of an ambitious plan that still faces significant regulatory and technological hurdles, including complaints from the Defense Department and others that it would interfere with global positioning system devices.
The company's goal: to build a national, high-speed wireless network on which LightSquared will lease space to other wireless providers and companies that want to offer high-speed Internet service. Under the new partnership agreement, Sprint would both help LightSquared deploy its network and become a major customer of the company…..
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http://online.wsj.com/article/SB10001424052702304070104576396260649695194.html?mod=WSJ_business_whatsNews
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