LightSquared Snags First Deals, Talks Could Yield More

Mar 24 2011 | 11:53am ET

LightSquared, the wireless Internet venture on which Harbinger Capital Management's Philip Falcone has staked much of his reputation—and even more of his investors' capital—moved a step closer to success with one deal in the bag and another in the pipeline.

LightSquared CEO Sanjiv Ahuja said yesterday that Best Buy Co. will begin offering LightSquared's upcoming 4G network through its Best Buy Connect wireless service. Best Buy currently offers service from Sprint Nextel and Clearwire Corp.

Best Buy will begin holding trials of the LightSquared network early next year. Under LightSquared's deal with the Federal Communications Commission, struck earlier this year, it must build a network covering 100 million people by next year and 260 million people three years later. Ahuja said the company would likely exceed those targets.

Ahuja also said that LightSquared is in talks with 15 potential customers in several industries. One is Time Warner Cable, Bloomberg News reports, which would use LightSquared's network to offer mobile Internet services to its customers.

Earlier this week, LightSquared announced a deal with pay-as-you-go carrier Leap Wireless International.

Falcone has poured some 40% of Harbinger's total assets into LightSquared.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.