Bloomberg says that Billionaire Philip Falcone’s LightSquared Inc. wireless venture said it raised $265 million of additional funding from new and existing investors for building out its network and other corporate expenses.
LightSquared has now raised a total of $2.3 billion in the past year, according to a statement from the venture today. However, the company may need to raise as much as $4 billion to construct its so-called fourth-generation network, Jonathan Chaplin, a Credit Suisse Group AG analyst in New York, said in May.
The venture, based in Reston, Virginia, plans to compete with AT&T Inc. (T) and Verizon Wireless by selling wholesale 4G wireless service. It has pledged to the U.S. Federal Communications Commission to build a network to cover 260 million people by 2016….
The question remains – who is going to come up with 4 billion bucks? Anyone out there with deep deep pockets?
http://www.bloomberg.com/news/2011-07-05/falcone-s-lightsquared-raises-additional-265-million-for-network-buildout.html
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