Verizon (VZ) to Acquire $3.6B Worth of Spectrum from Comcast, Time Warner

Article Stock Quotes (3) Comments (0)

SpectrumCo, LLC, a joint venture between Comcast Corporation (Nasdaq: CMCSA), Time Warner Cable (NYSE: TWC), and Bright House Networks, today announced it has entered into an agreement pursuant to which Verizon Wireless (NYSE: VZ) will acquire its 122 Advanced Wireless Services spectrum licenses covering 259 million POPs for $3.6 billion. Comcast owns 63.6% of SpectrumCo and will receive approximately $2.3 billion from the sale. Time Warner Cable owns 31.2% of SpectrumCo and will receive approximately $1.1 billion. Bright House Networks owns 5.3% of SpectrumCo and will receive approximately $189 million.

SpectrumCo's sale and transfer of its advanced wireless spectrum to Verizon Wireless is subject to approval by the Federal Communications Commission and review under the Hart-Scott Rodino Act and other customary conditions.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: Hulu Bidding War Heats Up as Yahoo (YHOO) & Others Join Party
• Market Expects Rumored Lender Processing Services (LPS) Buyout to Go Smoothly
• InterOil (IOC) Enters negotiations with ExxonMobil (XOM) on Development Of The Elk And Antelope Resource

Create E-mail Alert Related Categories

Hot M&A, Mergers and Acquisitions

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?