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

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.

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