Satellite : WildBlue Secures $50 Million in Financing

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WildBlue Communications completed a $50 million equity financing led by its current investors, a move the company said will support the satellite broadband service's continued growth.

Liberty Media, Intelsat, the National Rural Telecommunications Cooperative and private equity firm Kleiner, Perkins, Caufield and Byers participated in the financing. Terms of the financing were not disclosed.

The proceeds will fund WildBlue's recently launched customer equipment leasing program. WildBlue also said it will expand its workforce in the areas of customer care and field service operations.

"This equity investment underscores our major shareholders' strong support for WildBlue's vision and it enables us to continue and expand our commitment to delivering a superior customer experience," said David Leonard, WildBlue's CEO. "A broadband internet connection is an essential tool for participating fully in the information economy, and in these challenging economic times, rural residents are looking for a more affordable solution."