Regulators on Wednesday approved a waiver that paves the way for satellite broadband startup LightSquared to lease its airwaves to traditional mobile phones.

LightSquared, owned by hedge fund manager Philip Falcone's Harbinger Capital Partners, requested the waiver in November to modify conditions around its current wireless spectrum licenses in order to offer terrestrial wireless broadband services.

(Reporting by Jasmin Melvin, editing by Gerald E. McCormick)

Broadband