DISH backs out of USD2.2bn LightSquared deal

10 Jan 2014

US satellite TV giant DISH Network has withdrawn its USD2.2 billion bid to buy bankrupt wireless broadband start-up LightSquared, Reuters reports, casting fresh doubts over the future of LightSquared’s sought-after spectrum rights. Lawyers involved in LightSquared’s bankruptcy proceedings confirmed that DISH had pulled its bid at the start of a trial over whether DISH chairman Charlie Ergen had unlawfully bought LightSquared’s debt in an effort to take over the company. DISH remains keen to enter the US wireless market in some capacity, and was dealt a major blow last year when its pursuit of Sprint Nextel was rejected in favour of a rival bid from Japan’s Softbank Corp.

United States, LightSquared, DISH Network,

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