Sprint Home Service

Falcone's LightSquared, Sprint reach 15-year network deal

Billionaire Philip Falcone's LightSquared reached a 15-year deal with Sprint Nextel to share network-expansion costs and equipment and to provide next-generation, high-speed wireless service to the phone company.

Falcone told Harbinger Capital Partners hedge-fund investors about the accord in a Friday letter obtained by Bloomberg News. The companies were discussing a deal valued at as much as $20 billion, people familiar with the matter said earlier this month.

"LightSquared and Sprint will jointly develop, deploy and operate LightSquared's 4G LTE network," according to the letter. "Sprint will become a significant customer of LightSquared's 4G LTE network."

The letter comes as Sprint's chief rivals, Verizon Wireless and AT&T, have begun to roll out 4G LTE across the country. The 4G service provides data-transmission speeds much faster than the commonly available 3G service.

Sprint currently offers 4G service provided by Kirkland-based Clearwire through a technology called WiMax.

Sprint Chief Executive Dan Hesse said last month his company was in talks with Clearwire over a similar network deal.

Asked for comment about the report of the Sprint-LightSquared deal, a Clearwire spokeswoman said Friday: "As a matter of company policy, we do not comment on rumors or speculation."

For Sprint, the deal would provide a new source of revenue as the third-largest U.S. wireless company struggles to compete with the bigger competitors. AT&T is trying to acquire Deutsche Telekom's Bellevue-based T-Mobile USA unit, which would let it pass Verizon to become the country's No. 1 wireless operator. Hesse is fighting to block the deal, which needs government approval, arguing it would stifle competition.

Sprint, which has lost contract customers in 14 of the past 15 quarters, has pledged $5 billion to upgrade its network over the next three to five years. The company can use LightSquared's network to lessen the load on its own network as data demand has skyrocketed, an issue that has plagued other carriers.

The LightSquared-Sprint deal is an important step forward for Falcone, whose effort to challenge Verizon Wireless and AT&T was met with skepticism after plans for LightSquared emerged in government filings about 15 months ago. Falcone is gambling more than 60 percent of his hedge fund on LightSquared.

"This gets LightSquared to their goal of nationwide coverage much more quickly than if they were going to build it out on their own," said Chris Larsen, a Piper Jaffray & Co. analyst in New York.

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Sprint has good service at my school/ home....and I got 4g @ home...&.i have NO RESTRICTIONS on apps

whaaaat? don't be tryna call me out. Service sucks at home. , i love on the outskirts tho. I didn't get ur call. Whatsup?

Are you in your home area? I usually have good service near you w/VZW

I love my Sprint service. Coverage in my home isn't that great but my monthly bill and awesome Evo + employee discount keep me happy

service in my own home would be great

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