Dish officially pulls bid for LightSquared, source says
NEW YORK Jan 9 (Reuters) - Satellite TV provider Dish Network Corp officially pulled its bid to buy bankrupt wireless spectrum provider LightSquared Inc on Thursday, according to a source familiar with the matter.
Dish, which is looking to enter the wireless market, had put in a bid of $2.2 billion for LightSquared, but its efforts were opposed by LightSquared lenders and the telecom firm's controlling shareholder, Harbinger Capital Partners.
Dish declined to comment, as did a representative for Harbinger, the hedge fund started by investor Philip Falcone.
The decision was first reported in the Wall Street Journal on Jan. 8.
The move is the latest twist in a long-running saga involving LightSquared's efforts to use controversial wireless airwaves to build a broadband network in the United States.
LightSquared filed for bankruptcy in 2012 after the Federal Communications Commission (FCC) blocked its plan to build a wireless network because the regulator feared it would interfere with GPS navigation.
The case is In re: LightSquared Inc, U.S. Bankruptcy Court, Southern District of New York, No. 12-12080.
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