Verizon On Top In FCC Wireless Auction; Sprint Bows Out
Source: Newsbytes
Publication date: 2001-01-05
Sprint Corp. [NYSE:FON ] became the latest company to bow out of the wireless spectrum auction that now is into its 29th round at the Federal Communications Commission (FCC). A partnership backed by Verizon Communications [NYSE:VZ], meanwhile, continues to lead the bidding in six of the top 10 major US markets.
By the end of the auctions today, the FCC had earned a record $12.7 billion from the auction of the coveted wireless airwaves licenses. So far, 36 bidders have dropped out, leaving 51 companies and partnerships vying for more than 400 licenses that may be used to offer anything from voice and data to high-speed wireless Internet services.
Among the better-known companies that have dropped out of the bidding are Sprint Corp., Sprint PCS affiliate ALLTELL Communications and Nextel Communications [NASDQ:NXTL].
Cellco Partnership, doing business as Verizon Wireless - the joint venture between Verizon Communications and Vodaphone Group PLC [NYSE: VOD] - continued to lead the bidding again this week, offering as much as $5.2 billion for the scarce spectrum. Verizon also continues to be the highest bidder in six of the top ten major US markets, including New York, Los Angeles, Chicago, San Francisco, and Philadelphia.
With bids totaling more than $2.7 billion, Alaska Native Wireless is by far the next highest bidder. Salmon PCS, a company representing SBC Communications Inc. [NYSE:SBC] has offered the highest number of bids, totaling more than $1.7 billion.
Reported by Newsbytes.com, newsbytes.com .
15:39 CST
(20010105 /WIRES ONLINE, LEGAL, BUSINESS, TELECOM/WIRELESS/PHOTO)
Publication date: 2001-01-05
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