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Verizon (VZ) Said to Overcome Another Regulatory Hurdle in $3.6B Spectrum Deal

August 21, 2012 3:59 PM EDT Send to a Friend
Verizon (NYSE: VZ) shares are lower on the session amid broader market pressure Tuesday.

Bloomberg reports that the FCC will go ahead and approve the $3.6 billion spectrum deal between Verizon and Comcast (Nasdaq: CMCSA). News comes following headlines last week that the deal passed U.S. DoJ muster. The DoJ passed the deal on restriction that Verizon and cable carriers would stem or end cross promotion and special deals in certain areas with FiOS is avialble.

In the acquisition, Verizon will also sell off some of the spectrum to T-Mobile.

Reports have two Republican members of the agency's five-member panel voting to approve the deal, joining Democratic chair Julius Genachowski. The remaining two Democratic members haven't cast a vote and aren't under a deadline to do so.

Verizon would pay a consortium headed by Comcast. In the deal, Comcast would receive $2.3 billion, Time Warner Cable (NYSE: TWC) would get $1.1 billion. and Bright House Networks would pick up $189 million.

Share of Verizon are down 1.8 percent in late Tuesday trading.




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