Wednesday, 24 August 2016
Last updated 11 hours ago
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.