Phil Falcone’s New 4G Network Venture takes aim at AT&T, Verizon
|June 20th, 2011||
|In an accord that could boost the fortunes of both companies, LightSquared, Inc and Sprint Nextel Corp. have agreed to join forces to challenge AT&T and Verizon in the 4G network space. According to Bloomberg News, the merger is worth upwards of $20billion. |
For LightSquare and its 4G LTE network, it’s the realization of founder, Philip Falcone’s vision to challenge the dominant network providers. For Sprint, it is an opportunity to stem the decline in its market share and more evenly compete with AT&T and Verizon. Sprint has been in the process of upgrading its network capabilities having committed $5 billion to the effort.
Phil Falcone controls LightSquare through his Harbinger Capital Partners’ investment in the company.
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