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AT&T buys $2B worth of '4G' spectrum from Qualcomm
AT&T buys $2B worth of high-speed '4G' spectrum from Qualcomm; spectrum was used for mobile TV
NEW YORK (NYSE:AP) -- AT&T Inc. is buying nearly $2 billion worth of broadcast spectrum from Qualcomm Inc. to ramp up its high-speed, next-generation "4G" network.
Qualcomm, based in San Diego, has used the spectrum for its FLO TV service, which allows subscribers to watch TV on cell phones. Qualcomm will shut down the service in March thanks to weak interest from consumers. In the latest quarter, running FLO TV cost the company $132 million. It can use the $1.92 billion from the sale to help with its turnaround.
The spectrum Dallas-based AT&T is buying covers 70 million people in New York, Boston, Philadelphia, Los Angeles and San Francisco, along with 230 million people in the rest of the country.