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Last Update: 02-Dec-11 09:30 ET
Comcast, Time Warner Cable, and Bright House Networks sell advanced wireless spectrum to Verizon
SpectrumCo, a joint venture between Comcast (CMCSA), Time Warner Cable (TWC), and Bright House Networks, announced it has entered into an agreement pursuant to which Verizon 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 ~$2.3 billion from the sale. Time Warner Cable owns 31.2% of SpectrumCo and will receive ~$1.1 billion. Bright House Networks owns 5.3% of SpectrumCo and will receive ~$189 million.
The companies also announced that they have entered into several agreements, providing for the sale of various products and services. Through these agreements, the cable companies, on the one hand, and Verizon Wireless, on the other, will become agents to sell one another's products and, over time, the cable companies will have the option of selling Verizon Wireless' service on a wholesale basis. Additionally, the cable companies and Verizon Wireless have formed an innovation technology joint venture for the development of technology to better integrate wireline and wireless products and services.
Comcast owns 63.6% of SpectrumCo and will receive ~$2.3 billion from the sale. Time Warner Cable owns 31.2% of SpectrumCo and will receive ~$1.1 billion. Bright House Networks owns 5.3% of SpectrumCo and will receive ~$189 million.
The companies also announced that they have entered into several agreements, providing for the sale of various products and services. Through these agreements, the cable companies, on the one hand, and Verizon Wireless, on the other, will become agents to sell one another's products and, over time, the cable companies will have the option of selling Verizon Wireless' service on a wholesale basis. Additionally, the cable companies and Verizon Wireless have formed an innovation technology joint venture for the development of technology to better integrate wireline and wireless products and services.
