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    Home Latest News

      NextWave Reported Near Settlement with Government

      Written by

      eWEEK EDITORS
      Published September 21, 2001
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        NextWave Communications and the government appear to be near a settlement on $17-billion worth of hotly contested wireless licenses.

        According to published reports, NextWave has tentatively agreed to sell most of its “third generation” wireless licenses to Verizon, AT&T, Sprint and several other large telephone companies for between $5 and $7 billion. The companies would make an additional $10 billion payment to the government to seal the deal.

        The arrangement would solve a long and tendentious dispute about the fate of licenses originally auctioned to Nextwave in 1996. But the company was unable make good on the payment of $4.7 billion and the licenses went into default.

        Earlier this year, the Federal Communications Commission re-auctioned the licenses to mostly large carriers for $17 billion, but a federal court stepped in shortly afterwards and ruled that NextWave still had the rights to the spectrum. A stalemate ensued that left the valuable airwaves unused.

        If completed the deal represents an enormous windfall for NextWave, which has been in bankruptcy. The company could get up to $7 billion for licenses it only paid $500 million for. Some news accounts said NextWave will have to pay the original $4.2 billion auction fee back to the Treasury and that the company will retain rights to some of the spectrum.

        eWEEK EDITORS
        eWEEK EDITORS
        eWeek editors publish top thought leaders and leading experts in emerging technology across a wide variety of Enterprise B2B sectors. Our focus is providing actionable information for today’s technology decision makers.

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