FCC Auction 58 ends under predictions

Feb 15 2005 - 11:17 PM ET | In The News
FCC Auction 58 ended today after 91 rounds of bidding and a total of $2.25 billion in bids. Insiders predicted the spectrum licenses to sell for between $3 billion and $3.5 billion. The smaller total is being blamed on the recent mergers and the promise of another spectrum auction later this year. 35 companies fought over 242 spectrum licenses in some hot parts of the country, including Los Angeles; Denver and Orlando. Verizon Wireless spent $697.4 million, the largest overall take. Metro PCS was also major buyer, scooping up a 10-megahertz license over Los Angeles for $374.5 million which was also the largest bid in the whole auction.