Satellite TV provider will officially pull out of the race for the troubled wireless service provider as early as Thursday, the Wall Street Journal reports.
The Wall Street Journal reported Wednesday that the private equity firm Centerbridge Partners has a tentative deal to buy wireless broadband provider LightSquared out of bankruptcy in a deal worth $3.3 billion.
Dish's future networking portfolio could grow quite quickly based on a new report that the satellite TV provider is going after the bankrupt wireless venture's spectrum.
The FCC gives LightSquared the go-ahead to test a spectrum-sharing plan with a U.S. agency as it fights to build its nationwide wireless broadband network to compete with AT&T and Verizon Wireless.
The move is designed to keep the foundering wireless broadband effort from defaulting on debt, people familiar with the matter tell The Wall Street Journal.
After giving LightSquared a mid-March ultimatum to get FCC approval, Sprint now says it may have to return $65 million to the wireless venture.
The startup that won't give up recently filed a new proposal to the FCC to revive its plan for building a nationwide 4G LTE network to compete with AT&T and Verizon Wireless.
The initial story inaccurately attributed the $400 million cost to LightSquared. The figure was based off a calculation of the number of GPS precision devices in the U.S. times the highest possible cost of a filter, both supplied by the company.
The company said the GPS industry is responsible for paying for the upgrades, which would eliminate the risk of interference from its planned wireless network.
Hedge funds want severe restrictions on the wireless satellite company's proposed use of $190 million.