FCC Approves Verizon Wireless' $3 Billion NextWave Spectrum Buy

WASHINGTON -(Dow Jones)- The Federal Communications Commission has approved Verizon Wireless' $3 billion purchase of spectrum licenses owned by NextWave Telecom Inc.

The FCC announced its approval Wednesday.

Verizon Wireless, a joint venture between Verizon Communications (VZ) and Vodafone Group PLC (VOD), agreed late last year to buy NextWave's spectrum in 23 markets for $3 billion.

NextWave filed for Chapter 11 protection in 1998.

A bankruptcy judge on Tuesday approved NextWave's reorganization plan to emerge from bankruptcy.

-By Brian Blackstone, Dow Jones Newswires; 202-828-3397; brian.blackstone@dowjones.com

(END) Dow Jones Newswires "

Posted to the site on 3rd March 2005