Verizon to Buy Spectrum for $3.6 Billion From Comcast Group
Dec. 2 (Bloomberg) — Verizon Wireless, the largest U.S. mobile-phone carrier, agreed to buy wireless spectrum from a group including Comcast Corp. for $3.6 billion.
Comcast will get $2.3 billion for the sale, the companies said today in a statement. Other members of the selling group are Time Warner Cable Inc., which gets $1.1 billion, and Bright House Networks LLC, which will receive $189 million. Dominic Chu reports on Bloomberg Television’s “InBusiness with Margaret Brennan.” (Source: Bloomberg)
Verizon Wireless, the largest U.S.
mobile-phone carrier, agreed to buy wireless spectrum from a
group including Comcast Corp. for $3.6 billion.
Comcast will get $2.3 billion for the sale, the companies
said today in a statement. Other members of the selling group
are Time Warner Cable (TWC) Inc., which gets $1.1 billion, and Bright
House Networks LLC, which will receive $189 million.
Verizon Wireless and rival ATT Inc. (T) are seeking to add
airwaves as consumers increasingly use mobile devices to watch
video and browse the Web, requiring more capacity. ATT is
struggling to gain regulatory approval for its $39 billion
acquisition of T-Mobile USA, part of the Dallas-based company’s
strategy of gaining spectrum.
As part of the agreement with Verizon Wireless, cable-TV
providers Comcast, Time Warner Cable and Bright House will be
able to provide wireless service to their customers, using
Verizon’s network. Additionally, Verizon Wireless can sell the
cable companies’ products, including pay-TV, in its stores.
Verizon Wireless is jointly owned by Verizon Communications
Inc. (VZ) and Vodafone Group Plc. Verizon gained 0.4 percent to
$37.92 in trading before U.S. exchanges opened, and Comcast
gained 4.1 percent to $23.50. Vodafone fell 0.5 percent in
London.
To contact the editor responsible for this story:
Ville Heiskanen at
vheiskanen@bloomberg.net
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Article source: http://www.bloomberg.com/news/2011-12-02/verizon-wireless-will-pay-3-6-billion-for-spectrum-from-comcast-led-group.html
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