Best Buy (BBY) Selling LightSquared Wireless Services

LightSquared, an emerging competitor of Clearwire Corp (NASDAQ:CLWR), said it has entered into a deal with retailer Best Buy (NYSE:BBY) to sell wireless services using its network.

Best Buy and other companies have wanted to be able to sell wireless services under their own brands, something LightSquared can offer with its wholesale wireless services.

LightSquared CEO Sanjiv Ahuja said at the CTIA annual wireless showcase that more deals will be announced in the weeks and months ahead.

"It opens up the wireless industry to new entrants who could never before offer wireless service," Ahuja said.

Terms of the deal with Best Buy weren't disclosed. Tests on the new service will start in the early part of 2012.

Best Buy was trading at $31.61, gaining $0.19, or 0.60 percent, as of 12:53 PM EDT.