OVERNIGHT TECH: Facebook reportedly to file for IPO Wednesday

THE LEDE: Facebook will file for an initial public offering with Morgan Stanley as the chief underwriter, according to various reports. The preliminary fundraising goal is expected to be $5 billion, though that figure could change significantly. Four other firms join Morgan Stanley as bookrunners. Indications are the offering could value Facebook at as much as $100 billion.

The IPO will likely make Facebook founder Mark Zuckerberg, 27, one of the richest people in the world just eight years after he founded the site in his Harvard dorm room.

Sprint grants LightSquared a reprieve: Sprint agreed to push back the deadline for its deal with LightSquared until mid-March, a Sprint spokeswoman confirmed Tuesday.

The original deadline to receive regulatory approval by Dec. 31 had already been extended by 30 days.

Under the agreement, LightSquared will pay Sprint $13.5 billion over 11 years to build its high-speed wireless network. LightSquared then plans to sell access to that network to other companies.

{mosads}LightSquared ran into trouble when tests showed its network could interfere with GPS devices. Federal Communications Commission officials granted LightSquared a conditional waiver last year, but now say the company will have to demonstrate it will not affect GPS before receiving final approval.

“Sprint supports LightSquared’s business plans and efforts to resolve potential interference issues expediently,” the Sprint spokeswoman said.

ON TAP TUESDAY

House Cybersecurity subpanel to markup legislation: The House Homeland Security Subcommittee on Cybersecurity will mark up the Promoting and Enhancing Cybersecurity and Information Sharing Effectiveness Act of 2011 (The PrECISE Act), H.R. 3674, Wednesday morning in the Cannon House Office Building.

{mosads}The legislation was introduced by subpanel Chairman Dan Lungren (R-Calif.) and Committee Chairman Peter King (R-N.Y.) in December, along with nine other members.

The legislation would establish a quasi-governmental entity to oversee information sharing between the federal government and the private sector on cyber threats and attacks. The bill would also clearly assign the Department of Homeland Security the responsibility of evaluating critical infrastructure firms for cybersecurity risks, though it is unclear how much authority DHS will have to ensure firms comply with its security standards.

The Communications Workers of America legislative/political conference in Washington continues on Wednesday. Scheduled speakers include Sens. Jeff Merkley (D-Ore.) and Tom Harkin (D-Iowa) as well as Reps. Keith Ellison (D-Minn.), Joe Baca (D-Calif.) and Bennie Thompson (D-Miss.).

Federal Communications Commission Chairman Julius Genachowski will join Secretary of Education Arne Duncan for a discussion on transitioning K-12 schools to digital learning at D.C.’s Newseum after lunch.

Viacom CEO blames “mob mentality” for sinking SOPA, PIPA: Viacom CEO Philippe Dauman blamed “mob mentality” and “unfortunate rhetoric” for scuttling online piracy legislation earlier this month. Dauman said the version of the Protect IP Act that would have emerged from the Senate would have been “very reasonable” but said dogmatic opposition killed the bill’s chances. Dauman made the comments at a conference sponsored by AllThingsD; Viacom was a major supporter of the online piracy bills.

Follow Gautham and Brendan on Twitter.