Google Set To Announce Bid for Wireless Spectrum - WSJ

Nov. 30, 2007 6:42 AM ETAlphabet Inc. (GOOG)
Steven Towns profile picture
Steven Towns

Google plans to announce Friday its intent to apply to bid for wireless spectrum in a Federal Communications Commission auction scheduled for January 24, according to a report by The Wall Street Journal citing people familiar with the matter. The FCC has a Dec. 3 deadline for companies to declare their interest in bidding. Earlier this month, the WSJ said Google was preparing to bid at least $4.6B, the minimum reserve price (full story). At that time, a Google spokesman commented the company's goal "is to make sure that American consumers have more choices in an open and competitive wireless world." On Thursday, Verizon Wireless said it plans to open its network to any device and software by the end of next year. The decision was widely applauded and called a "great step forward" by Google CEO Eric Schmidt (full story). Google faces bidding competition from both Verizon and AT&T, however, Eric Savitz of Barron's, noted an Internet analyst at UBS believes a Google bid at this stage -- given the FCC's decision to make the 700MHz band of spectrum "open-access" as Google had advocated and Verizon's "Any Apps - Any Device" announcement -- is merely to "save face" and will only be for the minimum reserve price. Shares of Google rose 0.7% to $697.00 on Thursday and added another 0.6% to $701.00 in extended trading.

Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.

This article was written by

Steven Towns profile picture
Steven is the founder of Uguisu Research, a provider of bespoke Japanese equity research. He is also the author of 'Investing in Japan: There is no stock market as undervalued and as misunderstood' (2012). 'Investing in Japan' fills the void of information about Japanese stocks, providing a comprehensive overview of the market, challenging conventional wisdom of Japan being on its last leg, and providing insightful discussion of many key aspects to investing in Japan, including the strategies of investment funds, leading hedge funds, idiosyncrasies of the market, returns on equity, shareholder rights, and more. Link to Investing in Japan on Amazon:
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.