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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Special Report: An end to AIDS? 11:52am EDT Germany: sharp rise in E.coli cases, source unknown | 10:18am EDT Company from Virginia bus crash taken off the road 10:21am EDT Special report: If Monterrey falls, Mexico falls | 2:35pm EDT CSU forecasts five major hurricanes in 2011 season 2:23pm EDT Discussed 64 Judge voids controversial Wisconsin union law 52 Speculation grows over Sarah Palin’s 2012 plans 51 Air France jet crashed nose-up after 4 minute ordeal Watched Massive Australian waterspout caught on film Mon, May 30 2011 Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 GM pulls the plug Fri, May 27 2011 LightSquared near $2 billion a year Sprint deal: sources Tweet Share this Email Print Related News Lockheed says frequent cyber target from around world Sun, May 29 2011 Exclusive: Hackers breached U.S. defense contractors Fri, May 27 2011 Google takes wraps off pay-by-phone system Thu, May 26 2011 Microsoft board backs Ballmer over Einhorn Thu, May 26 2011 Ira Sohn Highlights: Chanos negative on First Solar, Vestas Thu, May 26 2011 Analysis & Opinion The search for Einhorn’s gold Tech wrap: EBay sues Google in mobile payment war Related Topics Technology » NEW YORK | Wed Jun 1, 2011 12:55pm EDT NEW YORK (Reuters) - Sprint Nextel Corp is close to completing a $2 billion-a-year network sharing agreement with hedge fund billionaire Phil Falcone's LightSquared telecommunications venture, sources familiar with the matter said on Wednesday. Under the proposed agreement, LightSquared would pay $2 billion a year to rent space on Sprint's network to launch its own high-speed wireless services, according to a person who asked not to be named because the details are not yet public. The eight-year contract would allow LightSquared, a start-up backed by Falcone's Harbinger Capital Partners, to use Sprint's network equipment on 40,000 cellular broadcast towers along with its own wireless airwaves, to launch its own high-speed service. LightSquared would basically be a tenant on Sprint's network, according to the person familiar with the details of the plan. "Two billion dollars a year would be in the right ballpark for a network-sharing agreement" said a second person familiar with the matter, but that person could not comment on the duration of the contract. A spokeswoman for LightSquared declined to comment. A Sprint representative was not immediately available for a comment. The agreement, on which the telecommunications industry has speculated for months, would help Sprint pay for a $5 billion network modernization plan it announced late last year. It would also reduce LightSquared's expenses for launching its service compared with the cost of building its own network. Sprint had said it would announce more details related to its network plans around midyear. But one looming question is where LightSquared, which has openly talked about filing for an initial public offering, would come up with the $2 billion in annual payments. The company, which has sold more than $1 billion in high-yield debt, has received a $3 billion equity infusion from Falcone's Harbinger funds. LightSquared currently has about $1 billion in cash on its books and could raise new capital to pay for the Sprint contract, a person familiar said but did not give specifics. (Reporting by Sinead Carew and Nadia Damouni; editing by Gerald E. McCormick) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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