Look Communications sells spectrum to Bell, Rogers
Look Communications of Toronto has reached an agreement to sell its spectrum usage rights and broadcast licence to Rogers Communications and Bell Canada. Look will sell its 92 Mhz of spectrum to a Rogers and Bell joint venture called the Inukshuk Wireless Partnership for $80 million. The agreement, which is subject to court approval, also resolves the ongoing litigation between Look and Bell as well as the ongoing litigation between Look’s parent company Unique Broadband Systems and Rogers subsidiary Microcell. "We have long believed that our assets held value given the promise of mobile broadband,” said Gerry McGoey, CEO of Look. “That promise is becoming a reality for Canadian businesses and consumers, both of whom will benefit from the mobile entertainment, information and communication services that are now available. "Bell and Rogers, through Inukshuk, clearly recognize the importance of mobility and bring their combined brands, expertise, resources and commitment to delivering this vital service to Canadians." Look, which offers Internet access and digital television distribution services in Ontario and Quebec, plans to wind down its operations within the next 90 days.