Cox to sell spectrum to Verizon for $315M

Cox Communications plans to sell wireless spectrum licenses covering 28 million U.S. residents to Verizon Wireless for $315 million, becoming the latest cable operator to join with Verizon for mobile services.

Earlier this month, a joint venture of three of the largest U.S. cable companies agreed to sell their AWS (Advanced Wireless Services) spectrum to Verizon for $3.6 billion. The venture had acquired the licenses, which cover about 265 million people, in 2006 but had never used them. The group, called SpectrumCo, included Comcast, Time Warner Cable and Bright House Networks.

If the spectrum purchases receive antitrust and Federal Communications Commission approval, they will give Verizon Wireless a rich source of spectrum to strengthen its mobile network and more channels through which to sell its services. The deals also represent a retreat from mobile by U.S. cable operators, which have not had much luck selling wireless along with their packages of home video, data and voice services. Read more...