On June 7, the Federal Communications Commission announced its first-ever auction of spectrums devoted exclusively for paging services.

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"We've definitely seen demand soften for paging services, " says Carolyn Trabuco, an analyst who follows the industry for First Union Capital Markets.

FORBES: FCC could bring on too much air

His Shin Group of companies, (see table), is involved in paging, mobile-phone services, Internet connections and e-commerce.

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Increasingly consumers want two-way broadband paging which allows for more sophisticated services like stock quotes or sports scores.

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Meantime, paging companies have not built out services on much of the spectrum auctioned by the FCC earlier in the decade.

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Only 44, he has built an empire that also includes a paging company, the nation's No. 2 television broadcaster and a small firm that sells communication devices and services.

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