Cablevision Said to Be in Talks to Use Falcone’s LightSquared
Stock Chart for Cablevision Systems Corp (CVC)
Cablevision Systems Corp. (CVC) is in discussions with Philip Falcone’s LightSquared Inc. about a deal to use the venture’s network to offer wireless services to its customers, according to a person familiar with the situation.
No deal has been reached, according to the person, who declined to be identified because the negotiations are private. LightSquared, backed by Falcone’s Harbinger Capital Partners hedge fund, is building a wireless network with so-called fourth-generation technology to compete with AT&T Inc. (T), Verizon Wireless and Clearwire Corp. (CLWR)
Time Warner Cable Inc. (TWC), Cablevision’s rival in the New York area, is also in talks to use LightSquared’s network, two people familiar with the situation said this week.
Cablevision, based in Bethpage, New York, could use the access to offer expanded wireless capability to its Internet, television and telephone customers. LightSquared has also announced deals with retailer Best Buy Co. and pay-as-you-go mobile-phone carrier Leap Wireless International Inc.
Jim Maiella, a Cablevision spokesman, and Audrey Schaefer, a spokeswoman for LightSquared, declined to comment.
Cablevision shares fell $0.01 at $34.85 at 4 p.m. in New York Stock Exchange composite trading. The shares have gained 3 percent this year.
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