Verizon Wins 'C-Block' in Spectrum Auction

The Federal Communications Commission said Thursday that Verizon (VZ Quote) has emerged as the winner of the prime "C-block" from the agency's recent 700-megahertz spectrum auction.

The C-block carried the hefty price tag of $4.74 billion and will likely be used for expansion into "4G" territory. Verizon's main competition in the secret bidding was largely believed to have been rival carrier AT&T (T Quote).

"We are very pleased with our auction results," Verizon Wireless, a venture of Verizon and Vodafone (VOD Quote), said in a news release. "Specifically, we were successful in achieving the spectrum depth we need to continue to grow our business and data revenues, to preserve our reputation as the nation's most reliable wireless network, and to continue to lead in data services and help us satisfy the next wave of services and consumer electronics devices." ...