Cox Communications to sell spectrum to Verizon Wireless for $315m

Cox Communications Inc. said it will sell its advanced wireless services spectrum licenses to Verizon Wireless for $315 million as the two companies also agreed to sell each other's residential and commercial products.

Cox said it will sell its 20 MHz spectrum licenses and noted the deal doesn't include its 700 MHz band, Cox Wireless customer accounts or other assets.

As part of its pact with Verizon Wireless, Cox may have the option over time to sell Verizon Wireless' services on a wholesale basis. The company also expects to enter into arrangements with the innovation technology joint venture formed by Verizon Wireless, Comcast Corp., Time Warner Cable Inc. and Bright House Networks LLC to better integrate wireline and wireless products and services.

Cox President Pat Esser said the agreements provide Cox customers with key enablers to mobility, such as access to Verizon Wireless' fourth-generation LTE network and wireless devices.

Cox, a privately held broadband communications and entertainment company, said last month it would no longer sell its Cox Wireless service but would continue to provide service to its wireless customers through March 2012.

Verizon Wireless is a joint venture between Verizon Communications Inc. and Vodafone Group PLC. Earlier this month, Leap Wireless International Inc. agreed to acquire a swath of wireless spectrum around Chicago from Verizon Wireless for $204 million while also selling Verizon excess spectrum elsewhere for $188 million.

Source: http://www.totaltele.com/view.aspx?ID=469985

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