AT&T forking over a $1.3 billion down payment for auction wins


No surprises here, but boy is that going to be a difficult expense to justify on the ol' corporate card. AT&T says it'll pay a $1.3 billion down payment to the FCC within the next 10 days to get a lock on that spectrum it just won, $500 million of which was paid up front before the auction began. The company will be pushing the remaining $5.3 billion over the counter before April 17, and is financing the purchase with funds from operations and a good bit of debt. We haven't seen a similar filing from Verizon yet, but we're guessing the company is facing similar deadlines for its $9.36 billion of spectrum.

*Verizon has acquired AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.