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Verizon to sell prime airwaves if it lands cable spectrum

WASHINGTON (MCT) — Verizon Wireless said it would sell billions of dollars worth of prime airwaves if regulators approve its planned purchases of new chunks of spectrum that come mainly from large cable companies.

Verizon paid about $4.7 billion in 2008 to outbid Google in a government auction of coveted airwaves in the 700 megahertz band.

The wireless giant's announcement Wednesday was designed to reduce criticism from competitors and public interest groups about its purchase of spectrum from a consortium of Comcast Corp., Time Warner Cable Inc. and Bright House Networks, as well as other acquisitions of spectrum from Cox Communications Inc. and Leap Wireless International Inc.

— Los Angeles Times