Verizon Wireless announced late Thurs. it was the winning bidder ...
Verizon Wireless announced late Thurs. it was the winning bidder for a N.Y. spectrum license sold by NextWave. Verizon said it paid $930 million for the 10 MHz license -- the minimum, or reserve, price set for the license…
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before the sale. The announcement ends speculation the license might sell well above the reserve price. It provides spectrum in the 1.9 GHz PCS frequency in the nation’s largest market. MetroPCS bought the two 10 MHz licenses for sale in Fla. -- in Sarasota-Bradenton, and Tampa-St. Petersburg-Clearwater at the reserve prices, for a total of $43.5 million. No buyer met the reserve price in Denver, Portland, Ore., and Tulsa, and NextWave will reclaim those licenses. “We're extremely pleased with the results,” said NextWave CEO Allen Salmasi. “Adding nearly $575 million of net proceeds to the company’s balance sheet will greatly strengthen our financial position and will give us ample funds to pay our remaining creditors and complete the Chapter 11 reorganization process.”