Dish bids for LightSquared broadband
May 21, 2013
Charlie Ergen, the chairman of Dish Network Corp has offered to buy bankrupt broadband company LightSquared Inc’s wireless airwaves, says Reuters. Ergen’s offer is said to be valued at $2 billion.
LightSquared, which declared bankruptcy in May 2012, was bankrolled by hedge investor Philip Falcone.
Falcone’s plans to introduce a new wireless network in the United States fell apart when the US Federal Communications Commission said it would revoke permissions as the new network would interfere with global positioning systems used by the military.