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It was called "MMDS", offered by companies such as LOOK TV. It failed.
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Look TV failed due to lack of bandwidth (causing limited number of channels compared to other BDUs and no HDTV), poor quality signals, line of site issues in urban areas and, probably, bad management. In the end, the bandwidth Look TV licensed was worth more for cell phone services than the company was. In retrospect, Look had a good idea but it was 20 years too late. It would have been successful for TV and, later, internet services until DBS satellite TV, expanded TV channel lineups and HD came along.