{"text":[[{"start":18.78,"text":"Amazon is in talks to acquire the satellite telecommunications group Globalstar, a deal that would bolster the ecommerce giant’s effort to build its own low Earth orbit satellite business."}],[{"start":31.97,"text":"The two sides were still negotiating over some of the complexities of a deal after lengthy talks, according to people familiar with the matter."}],[{"start":41.5,"text":"One complicating factor has been Apple’s ownership of a 20 per cent stake in Globalstar, necessitating negotiations between Amazon and Apple, the people said."}],[{"start":53.33,"text":"Acquiring the satellite group would accelerate Amazon’s push to compete with Elon Musk’s SpaceX and its Starlink orbital internet service."}],[{"start":63.41,"text":"No deal had been finalised and discussions could yet shift or collapse, the people warned. "}],[{"start":70.64999999999999,"text":"Globalstar said: “As a company policy, Globalstar does not comment on industry speculation or rumours.” Amazon declined to comment. Apple did not immediately respond."}],[{"start":83.52999999999999,"text":"Founded in 1991, Globalstar shares have surged in recent months on the back of takeover speculation, reaching a market capitalisation of about $9bn on Wednesday."}],[{"start":96.71999999999998,"text":"Its stock is up about 230 per cent over the past year, with investors betting it could be a challenger to SpaceX."}],[{"start":105.70999999999998,"text":"Globalstar has attracted interest from various other suitors as companies seek to build out their own constellations of low Earth orbit satellites, in which Starlink is the dominant player."}],[{"start":117.19999999999997,"text":"Apple invested $1.5bn in Globalstar in 2024, taking a 20 per cent stake in the company. As part of the agreement, Globalstar agreed to reserve 85 per cent of its network capacity for the iPhone maker for satellite-based texting when outside cellular tower coverage."}],[{"start":138.22999999999996,"text":"Bloomberg reported in October that Globalstar was exploring a sale and had held early talks with SpaceX."}],[{"start":147.05999999999997,"text":"Amazon has been pushing forward with its own effort, dubbed Leo, launching the first batch of satellites for its internet constellation last year."}],[{"start":155.54999999999998,"text":"The company has more than 180 satellites in orbit but its deployment is dwarfed by the more than 10,000 active satellites operated by SpaceX. "}],[{"start":166.77999999999997,"text":"Amazon in February was forced to seek a two-year extension to a July deadline from the Federal Communications Commission for the launch of 1,600 satellites."}],[{"start":179.02999999999997,"text":"Amazon plans to have about 700 satellites in space by the middle of this year but has said that a launch capacity shortage is hampering the build-out of its service, according to regulatory filings."}],[{"start":192.60999999999999,"text":"Amazon has signed deals with JetBlue and Delta for internet services on flights commencing in 2027 and 2028, respectively."}],[{"start":202.29999999999998,"text":"Andy Jassy, Amazon’s chief executive, told investors in February that Leo was part of a suite of “incremental opportunities” that the $2.2tn ecommerce group would pursue. "}],[{"start":215.17999999999998,"text":"Globalstar reported full-year revenue of $273mn in its latest annual results, a 9 per cent increase from 2024. Income from operations was $7.4mn in 2025, after a narrow loss in the year before."}],[{"start":234.67,"text":"Additional reporting from Rafe Rosner-Uddin and Stephen Morris"}],[{"start":251.94,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775180297_5287.mp3"}