OneWeb is trying to do the same thing and already has rights to the spectrum from the ITU. They are using Arianespace to launch and Airbus build their spacecraft. It's possible this whole application is a ploy to disrupt Arianespace since SpaceX is upset about not getting a massive launch contract.
http://spacenews.com/one-year-after-kickoff-oneweb-says-its-...
Commercial satellite constellations do not have a great track record. Iridium and GlobalStar tried to do phone networks and both went bankrupt. GlobalStar was backed by Qualcomm and Iridium by Motorola. Though they both have complete, functioning constellations. Look at GSAT and IRDM to see how well they are doing post bankruptcy.
Teledesic tried to do the same thing in the 90s and was backed by Bill Gates. It didn't go anywhere.