Sprint terminates contract with LightSquared
(New York) - Sprint ended its $9 billion agreement with LightSquared on Friday, after it became increasingly clear that LightSquared's network may not get off the ground. ... The nation's third-largest wireless carrier was hoping to build out and license a 4G network to LightSquared, which the wholesaler would use in tandem with its own infrastructure to launch its service. In turn, Sprint would have been able to use up to 50% of LightSquared's network capacity for its own customers. .... Sprint had twice extended its tentative agreement with LightSquared in hope that the company could gain regulatory approval, but Sprint's faith in that process ended Friday.
"Due to these unresolved issues ... Sprint has elected to exercise its right to terminate the agreement announced last summer," a Sprint spokesman wrote in an e-mailed statement.
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