Verizon To Buy Cable Cos.' Wireless Spectrum For $3.6B

Law360, New York (December 2, 2011, 1:06 PM EST) -- Verizon Wireless has reached an agreement to buy wireless spectrum licenses from SpectrumCo LLC — a joint venture between cable companies Comcast Corp., Time Warner Cable and Bright House Networks — for $3.6 billion, the cellular company announced Friday.

The deal, under which Verizon Wireless will get SpectrumCo's 122 Advanced Wireless Services spectrum licenses covering 259 million post office protocols, will send $2.3 billion to Philadelphia-based Comcast, which owns 63.6 percent of the joint venture.

New York-based Time Warner, which owns 31.2 percent of SpectrumCo, will...
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