Sprint Terminates Deal with LightSquared
As per reports, it has been revealed that Sprint Nextel Corporation is going to end its 15-year contract with Philip Falcone's LightSquared Inc. The decision has been taken as the Federal Communications Commission is going to reject the proposal of LightSquared to proceed with its planned nationwide fourth-generation network plan.
Things are getting difficult for LightSquared Inc as they will again have to find a major partner to fulfill their dream of erecting a planned network of 40,000 cell towers. A LightSquared spokesman was of the view that they are going to have a word with the FCC and will try to change their decision. However, they did not comment on Sprint's plans.
It was in the last month when the FCC said that they are thinking to reject the plan of LightSquared as they fear that their network will interfere with Global Positioning Systems signals. Sprint has announced that they will be returning $65 million to LightSquared.
It is also said that many companies, which has invested in LightSquared due to Sprint, can ask to return their money as Sprint is no more involved in the deal. "We remain open to considering future spectrum hosting agreements with LightSquared, should they resolve these interference issues, as well as other interested spectrum holders”, said Sprint.
New Zealand News
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