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AT&T leads bidders in $22.5 billion U.S. spectrum auction -Breaking


© Reuters. FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid/File Photo

By David Shepardson

WASHINGTON (Reuters) -AT&T Inc led bidders in the Federal Communications Commission (FCC) 5G spectrum auction of 3.45 GHz band spectrum, winning $9 billion in bids, the U.S. regulator said on Friday.

According to the FCC, total proceeds from auction were $22.5 billion. T-Mobile was awarded $2.9 billion and Weminuche LLC received $7.3 billion. Some analysts believe that Dish bid for them. Dish did not respond to Friday’s comment, but it confirmed that in November, it had submitted its bid for the auction.

AT&T (NYSE:) declined to comment.

U.S. Cellular was awarded $580 Million in Bids

FCC stated that over one third of top 100 market had at least four winners, which is a wider range than in a previous auction. It stated that the wider range of bidders and distribution will “increase competition” by providing more wireless carriers with midband spectrum resources, which is needed to keep America’s leadership in 5G.

“Enabling commercial use of this spectrum is important to America’s continuing economic recovery and 5G leadership,” FCC Chair Jessica Rosenworcel said.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.