Sprint on Friday morning announced it had terminated its agreement with embattled wireless company Lightsquared, delivering another blow to the struggling Lightsquared. The original agreement announced with much fanfare in July 2011 would have had Lightsquared paying Sprint $9 billion over 11 years in exchange for Sprint hosting Lightsquared’s network on its existing cell towers and infrastructure.
Lightsquared, which aimed to build a nationwide 4G wireless network out of old satellite bandwith, recently saw its CEO resign and the government revoke its initial go-ahead for the network after tests showed that it would interfere with GPS devices. Lightsquared put out a statement Friday saying the termination of the deal was expected and “in the best interests of both companies.”
