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Verizon sells spectrum to AT&T for $1.9 billion

Jan. 25, 2013 @ 10:58 PM

NEW YORK (AP) -- Verizon Wireless says it's selling space on the airwaves to AT&T in exchange for $1.9 billion and the transfer of some airwave rights from AT&T.

The sale of spectrum rights will let AT&T Inc. expand its capacity for wireless broadband in areas that include Chicago, Los Angeles, Miami, Oklahoma City and Cincinnati. In return, it's getting other frequencies in Los Angeles, Fresno, Calif., Phoenix and Portland, Ore.

Verizon is also selling North Carolina spectrum licenses covering Charlotte, Greensboro and Raleigh to Grain Management, a private-equity firm, for $189 million.

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