NextWave Auction Attracts Winning Bids Totaling $973.5 Million

The auction of NextWave Telecom's spectrum license rights generated approximately $973.5 million in total proceeds. Verizon Wireless placed the winning bid of $930 million for a 10 MHz license principally covering the greater New York City metropolitan area, while MetroPCS placed winning bids totaling $43.5 million for 10 MHz licenses in two markets in Florida (Tampa-St.Petersburg-Clearwater and Sarasota-Bradenton). Of the $973.5 million total, approximately $398 million will be paid to the Federal Communications Commission pursuant to the Global Resolution Agreement that the agency and NextWave entered into in April 2004. http://www.nextwavetel.com/