Cox Communications sells wireless spectrum to Verizon for $315 million
Cox Communications Announces Agreement to Sell Advanced Wireless Spectrum to Verizon Wireless
Cox and Verizon Wireless will become agents to sell each other's residential and commercial products
ATLANTA, Dec. 16, 2011 /PRNewswire/ -- Cox Communications announced that it has entered into an agreement to sell to Verizon Wireless its 20 MHz Advanced Wireless Services (AWS) spectrum licenses covering 28 million POPs for $315 million. The sale of Cox's AWS spectrum to Verizon Wireless is an important step to ensure that consumers' growing demands for mobility will be met. This agreement does not include Cox's 700 MHz spectrum licenses, the company's Cox Wireless customer accounts or any other assets.
Separately, Cox and Verizon Wireless will also become agents to sell each other's residential and commercial products and services through their respective sales channels. Over time, Cox may have the option to sell Verizon Wireless' services on a wholesale basis. In addition, Cox expects to enter into arrangements with the innovation technology joint venture formed by Verizon Wireless, Comcast, Time Warner Cable and Bright House Networks to better integrate wireline and wireless products and services.
"These agreements provide Cox customers with key enablers to mobility, such as access to Verizon Wireless' 4G LTE network and iconic wireless devices," said Pat Esser, president of Cox Communications. "We look forward to the many benefits this will bring to customers."
The sale and transfer of Cox's advanced wireless spectrum to Verizon Wireless is subject to approval by the Federal Communications Commission and review under the Hart-Scott Rodino Act and other customary conditions.
Cox announced last month that it would no longer sell its Cox Wireless service, but would continue to provide service to its wireless customers through March 30, 2012.