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Thursday, January 9, 2014

Dish officially pulls bid for LightSquared, source says, (NASDAQ: DISH)

Satellite TV provider Dish Network Corp officially pulled its bid to purchase 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.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 1.66% or $-0.96/share to $57.00. In the past year, the shares have traded as low as $33.79 and as high as $58.55. On average, 2368940 shares of DISH exchange hands on a given day and today's volume is recorded at 326716.