FCC Rakes in $1.5 Billion for Wireless Spectrum
Late last week, the Federal Communications Commission concluded its auction for a large block of wireless spectrum, taking a final total of $1.564 billion from as-yet unnamed bidders. The auction, which had been going on since late January, drew a total of 167 rounds of bidding.
The cast proceeds generated by the FCC’s spectrum auction will be put towards the funding of a nationwide public safety network. FCC Chairman Tom Wheeler called the auction of the so-called H Block spectrum a win for the American people. “With this successful auction, the Commission makes good on its commitment to unleash more spectrum for consumers and businesses,” Wheeler said in a statement following the auction.
Although the names of the winning bidders have not been released yet, the FCC has made public the size and quantity of bids made in the duration of the auction; as was expected, licenses for big cities such as New York and Chicago garnered the most attention. This was the first wireless spectrum auction held by the FCC since 2008, however more auctions are expected to follow in the near future.