Verizon to pay $3.6 billion for cable spectrum

Reuters News
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Posted: Dec 02, 2011 9:08 AM
Verizon to pay $3.6 billion for cable spectrum

NEW YORK (Reuters) - Verizon Wireless agreed to pay $3.6 billion to buy wireless airwaves from a venture of cable companies Comcast Corp, Time Warner Cable Inc and privately held Bright House Networks.

Comcast, owner of 63.6 percent of the SpectrumCo LLC venture, will receive about $2.3 billion from the sale, Verizon Wireless said on Friday.

Time Warner cable, a 31.2 percent owner of the venture, will receive about $1.1 billion from the sale and Bright House, a 5.3 percent owner, will receive $189 million.

Verizon Wireless is a venture of Verizon Communications Inc and Vodafone Group Plc. (Reporting by Sinead Carew; editing by Gerald E. McCormick)