Verizon Wins Bids Worth $1.9 Billion in an Auction

The Federal Communications Commission (FCC) has announced that telecommunications company Verizon Communications Inc. (VZ) managed to win bids worth around $1.9 billion during an auction of a vital spectrum block in the 3.5 GHz band.

Generally, 228 bidders participated and won bids totaling to around $4.6 billion for the mid-spectrum block.

Additionally, the FCC further said the auctioned spectrum will be complementing the deployment of the next generation 5G networks and the Internet of Things.

According to FCC’s chairman Ajit Pai, the auction of 91% spectrum offered indicated there was a very strong demand.

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