Verizon to auction off parcel of radio frequencies worth billions of dollars


AP

NEW YORK — Verizon Wireless on Wednesday said it will auction a parcel of radio frequencies, which could be worth billions of dollars in an industry scrambling to offer consumers more cellular broadband.

The offer is contingent on Verizon getting government approval for three deals to buy spectrum from cable companies and Leap Wireless for a total of about US$4 billion. Those deals were struck in November and December, but have met resistance from public-interest groups who say the cellphone company, already the nation’s largest, doesn’t need more spectrum and shouldn’t be cozying up to competitors such as the cable companies.