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$2.37 Billion Bid by Cable TV Firms, Sprint Nextel Wins Wireless Spectrum

Authored by Mark Hefflinger on October 5, 2006 - 4:45pm.
Philadelphia - A joint venture called SpectrumCo that includes cable TV firms Comcast, Time Warner and Cox, and wireless carrier Sprint Nextel, announced on Thursday that its bid of $2.37 billion has won 137 wireless spectrum licenses in an FCC auction. The deal will eventually enable the cable TV firms to expand their bundled services -- which currently offer voice, Internet and TV offerings -- to include wireless phone service. The auction included spectrum that covers a national footprint and major U.S. cities including New York, Los Angeles and Chicago. SpectrumCo, which bested bids from satellite firms DirecTV and EchoStar, said it has no finalized plans to build out the networks at this time. Of the $2.37 billion bid, Comcast contributed $1.29 billion, while Time Warner Cable paid $632.2 million and Cox provided $248.3 million.
tags: Mobile | Video | Tech | TV | Wireless | Investing | Sprint | Telecom | FCC | Cable | Sprint Nextel | SpectrumCo |