“The new iPhone has Global Positioning System (GPS) built into it, thanks to legal requirements put in place by the FCC,” Om Malik reports for GigaOM.

“The company supplying the GPS to iPhone is going to be a big winner in this space; according to my sources, the contract has been nailed down by Broadcom, a relatively new entrant into the GPS market,” Malik reports.

“The Irvine, Calif.-based chip company had acquired Global Locate in July 2007 for $143 million in cash and $80 million in incentives,” Malik reports.

Full article here.