Friday, January 25, 2008

U.S. Wireless Auction Opens - Top Bids Over $2.78 Billion

By Peter Kaplan

WASHINGTON (Reuters) - Top bidders put up a total of almost $2.78 billion on Thursday in the opening rounds of the Federal Communications Commission's auction of coveted U.S. government-owned airwaves.

The figure represents the highest bids received for five separate blocks of spectrum at the beginning of the auction, which is eventually expected to net the federal government at least $10 billion.

Companies qualified to bid include major carriers AT&T Inc and Verizon Wireless, as well as possible new competitors like Internet company Google Inc, EchoStar Communications Corp and Cablevision Systems Corp.

Identities of bidders will be kept secret, under FCC rules, until the entire auction ends.

Read Kaplan's entire article HERE.

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