Thursday, September 18th18.0°C
23474
22916

Wind Mobile says it doesn't have the money to buy wireless spectrum

TORONTO - On the eve of the wireless spectrum auction, new wireless player Wind Mobile says it's withdrawing from bidding due to a lack of funds.

Wind Mobile CEO and chairman Anthony Lacavera says majority owner, Russian telecom VimpelCom, has decided not to fund the company's participation in the 700 megahertz spectrum auction that starts Tuesday.

The small carrier has been trying to become Canada's fourth major wireless carrier after big players Rogers (TSX:RCI.B), Bell (TSX:BCE) and Telus (TSX:T), which dominate the market with more than 25 million subscribers among them.

Wind Mobile's withdrawal doesn't bolster Ottawa's attempt to have a fourth wireless carrier in every region of the country. Wind has more than 650,000 subscribers and operates in Ontario, Alberta and British Columbia but was put up for sale by VimpelCom.

While Lacavera says it's business as usual for the company, not being able to participate in the auction leaves Wind with a shortage of spectrum to upgrade its network.

Lacavera still owns 35 per cent of the company he founded and says VimpelCom is continuing discussions with the federal government and him about the company's future.

A total of 10 Canadian participants — including the big three — are bidding on the 700-megahertz radio waves now that Wind Mobile has dropped out.

The previous spectrum auction in 2008 raised $4.3 billion and ushered in new players: Wind Mobile, Mobilicity, Public Mobile, Videotron and Eastlink.

Since then, Mobilicity has been put up for sale and Public Mobile has been sold to Telus.

The Canadian Press


Read more Business News

22980


Recent Trending




Today's Market
S&P TSX15458.88-51.66
S&P CDNX972.51-3.19
DJIA17156.8524.88
Nasdaq4562.189+9.43
S&P 5002001.57+2.59
CDN Dollar0.9095+0.0018
Gold1223.10-12.80
Oil93.89-0.53
Lumber349.00+1.00
Natural Gas4.064-0.013

 
Okanagan Companies
Pacific Safety0.165-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.05
Cantex0.06-0.01
Anavex Life Sciences0.2361-0.0139
Metalex Ventures0.060.00
Russel Metals36.37+0.42
Copper Mountain Mining2.73+0.04
Colorado Resources0.17+0.01
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



22980

FEATURED Property
1997021#17 3359 Cougar Rd.
3 bedrooms 3 baths
$529,900
more details
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_





23109


Member of BC Press Council


22814