p2pnet - rss feed: NextWave, FCC agreement
p2pnet.net News:- Bankrupt NextWave Telecom has reached an agreement with the US Federal Communications Commission (FTC) under which it will, "continue to divest the majority of its spectrum holdings following a recently completed sale of licenses to Cingular Wireless L.L.C.," says a RCR Wireless News story here.
"After eight long years, we can finally end the litigation and begin the innovation," FCC chairman Michael Powell is quoted as saying.
Details haven’t been released, but "sources said that as part of the agreement, the FCC would receive more than $4 billion in both cash and licenses," says RCR. "In addition, NextWave has agreed to sell more spectrum—that will be at least 90 percent of its holdings including the Cingular sale.
"A global settlement has long been anticipated following NextWave’s decision to sell licenses for 34 markets to Cingular for $1.4 billion."
NextWave will retain some of the most valuable licenses in markets such as New York, Boston and Philadelphia and could clear a hefty profit from their sale, say company investors and analysts, says a USA TODAY story here.
NextWave bid $4.8 billion for the licenses in a 1996 FCC auction, but the FCC reclaimed them when the company defaulted and filed for bankruptcy protection after paying just a $500 million down payment, states the report.
