Originally Published by Light Reading
Author: Mike Dano
Verizon, AT&T and T-Mobile walked away with the vast majority of the C-band licenses up for grabs in the FCC’s blockbuster midband spectrum auction.
As expected, Verizon spent the most: a whopping $45.5 billion for around 3,500 total licenses. According to the financial analysts at Evercore, Verizon acquired an average of 160MHz of spectrum across the entire US. The operator announced a $25 billion loan from JPMorgan Chase Bank to help pay for the licenses.
AT&T came in second by spending $23.4 billion for 1,621 licenses. According to Evercore, AT&T netted 80MHz in 95% of the country, with the remainder split between 60MHz and 100MHz. T-Mobile, meanwhile, spent $9.3 billion for 142 licenses, which cover around 68% of the US population.
Comcast and Charter, bidding jointly, spent nothing. In fact, the companies didn’t even place any bids. Dish Network spent just $2.5 million for the license covering Cheyenne, Wyoming.
As for the valuable A Block C-band licenses, which ought to be available toward the end of this year, Verizon won most of those. The operator walked away with around 60% of those licenses, according to Evercore, while AT&T walked away with around 40%. The other B and C Block licenses generally won’t be available until 2023.
There were a few surprises, though. Private equity company Grain Management spent $1.3 billion, while Canopy Spectrum spent $172 million. As Light Reading previously reported, Canopy is a venture between Jennifer Fritzsche (a former Wells Fargo analyst) and Edward Moise Jr. (a longtime spectrum investor).
As expected, top winners are already scheduling analyst days to discuss their new C-band strategies. T-Mobile will host a three-hour analyst day on March 11 at 2PM ET, while Verizon will host its own analyst day on March 10 at 6PM ET.
Read original article at lightreading.com.