AT&T Bids $1.9B for Qualcomm Air Waves
NEW YORK, (
) --
AT&T
(T) - Get Report
beefed up its 4G network plans with a $1.92 billion purchase of air waves from
Qualcomm
(QCOM) - Get Report
.
The deal, announced Monday, will give Ma Bell 700-megahertz radio spectrum in the D and E block that Qualcomm acquired as part of its mobile TV effort called Flo TV. But having found few customers, Qualcomm says it will shut down Flo TV in March.
|
Qualcomm expects to take a charge of about $150 million related to the Flo TV cancellation.
AT&T is expected to use the additional radio waves, which were originally set aside for UHF TV signals, as part of its national 4G wireless expansion plan.
Qualcomm shares rose 29 cents or half a percentage point to $49.75 in premarket trading Monday.
--Written by Scott Moritz in New York.>To contact this writer, click here: Scott Moritz, or email: scott.moritz@thestreet.com.To follow Scott on Twitter, go to http://twitter.com/MoritzDispatch.>To send a tip, email: tips@thestreet.com.