Tumblr Inc.’s $1.1 billion purchase by Yahoo! Inc. marks the biggest deal for a venture-backed New York startup, bringing a windfall for East Coast investors Union Square Ventures and Spark Capital while laying a foundation for further investing in the region’s entrepreneurs.
Charlie Ergen, chairman of satellite- TV provider Dish Network Corp., made a $2 billion bid for radio frequencies from LightSquared Inc., the bankrupt wireless- broadband company owned by Philip Falcone’s hedge-fund firm, according to people familiar with the offer.
Clearwire Corp. climbed higher above Sprint Nextel Corp.’s $2.97-a-share takeover bid on the day before investors meet to vote on the deal, a sign shareholders anticipate a last-minute sweetening of the terms.
Telus Corp.’s purchase of mobile- phone provider Mobilicity and the potential sale of another new entrant, Wind Mobile, is casting doubt on Canada’s ability to increase competition in the wireless market.