Monday, 2 March 2015
Last updated 6 hours ago
Mar 28 2011 | 1:17am ET
Philip Falcone's wireless dreams are seeming less and less quixotic by the day.
LightSquared, the 4G wireless network championed—and financed—by Harbinger Capital Management is in talks with another cable television giant about signing on. Cablevision Systems Corp. and LightSquared are holding discussions about the former's use of the latter's nascent network to offer expanded wireless capabilities to customers, Bloomberg News reports.
LightSquared, which has already inked deals with Best Buy Co. and pay-as-you-go cellular phone company Leap Wireless International, is also in talks with Cablevision's fellow New York-area cable system, Time Warner Cable.
Best Buy is set to begin holding trials of the LightSquared network early next year. Under LightSquared's deal with the Federal Communications Commission, struck earlier this year, the company must build a network covering 100 million people by next year and 260 million people within three years.
Last week, LightSquared CEO Sanjiv Ahuja said the company is in talks with 15 potential customers in several industries.
Harbinger has invested some 40% of its assets in LightSquared.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…