Filed under: News | Technology News
Verizon Wireless to Pay $3.6B for Spectrum from SpectrumCo
Verizon wants MORE (spectrum)
Dec 2 2011, 12:38pm CST | by Shane McGlaun
While AT&T goes after T-Mobile and the federal government fights back with a very tough investigation in whether or not AT&T should be allowed to finish the deal, Verizon is looking for spectrum through other sources. Verizon has announced that it has entered into an agreement with a joint venture called SpectrumCo LLC that will net Verizon 122 spectrum licenses for wireless services.
The SpectrumCo LLC company is a joint venture between Comcast, Time Warner, and Bright House Networks. Verizon will pay the venture $3.6 billion dollars and the money from the sale will go to the three firms in the joint venture based on ownership. Comcast will get $2.3 billion, Time Warner will get $1.1 billion and Bright House Networks will get about $189 million.
The deal is far from done though with the FCC in such an investigatory mood. Verizon will need the FCC's approval to complete the deal and as of now, there is no estimate on when the deal will be done. Presumably, Verizon will use the service to roll out more 4G networks, but Verizon is mum on just what its plans are for now.
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Shane McGlaun
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