Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Jim Mullens who wrote (30240)	12/20/2002 9:50:07 AM
From: waitwatchwander	Respond to of 197418

Who Needs NextWave? Verizon Poised On Northcoast wirelessweek.com By Wireless Week Staff December 19, 2002 news@2 direct An apparently imminent deal to buy wireless holdings controlled by Cablevision Systems may show how Verizon Wireless and others plan to proceed on consolidation and the acquisition of needed spectrum. Verizon had no comment today on reports it was nearing an agreement to pay some $700 million to acquire spectrum licenses held by Cablevision entity Northcoast Communications, which cover 47 million POPs in such major Verizon markets as New York, Boston and Minneapolis. But since Cablevision embarked on a major restructuring this past summer, there has been speculation that Verizon would move to snare Northcoast as an alternative to other, significantly costlier options for acquiring more spectrum. The carrier was a prime force in pressing the industry's case for the FCC to let bidders back out of their obligations in the so-called Auction 35 sale of spectrum held by bankrupt NextWave Telecom. Verizon itself had about $8 billion freed up by the FCC's decision, money that will go toward paying down debt and making acquisitions. Perhaps coincidentally, Moody's Investors Service on Wednesday cut the long-term debt ratings for Verizon Wireless and its majority owner Verizon by a couple of notches citing the tough competitive landscape facing wireless carriers. However, the Wall Street credit rating firm did revise its outlook for Verizon Wireless to 'stable' from 'negative,' citing partly the parent company's work at cutting its debt burden. Northcoast offers service only in Cleveland although it holds spectrum in some 50 markets. Cablevision acquired the licenses as part of an aborted plan to offer bundled telecom services in its cable markets, but recently has been selling off non-core assets - such as the Bravo cable channel - or shutting them down, as it did with about half of its Nobody Beats the Wiz retail stores. Other carriers conceivably could challenge Verizon for Northcoast, but those prospects were not immediately clear. Analysts say Cingular Wireless, for example, has spectrum needs in many Northcoast markets.