Subject: [NEXTEL-1] Verizon acquires PCS Licenses for $750 million

From: [email-masked]
Date: Thu, 29 May 2003 12:55:38 -0400

Verizon acquires PCS Licenses for $750 million
IWCE/MRT, May 27 2003

Verizon Wireless announced it completed the acquisition of 50 PCS licenses and
related network assets from Northcoast Communications for about $750 million in
cash. The licenses provide the company with additional growth capacity over large
portions of the East Coast and Midwest, including
New York, Boston, Minneapolis, Columbus, OH, Providence, RI, Rochester, NY and
Hartford, CT. Total population
covered by the 10 MHz licenses is about 47.4 million.

The proceeds, net of payments to the FCC, will be distributed to Northcoast's
partners, which are comprised of Northcoast PCS and a subsidiary of Cablevision
Systems Corporation. Cablevision's portion of the proceeds will be used to reduce
the company's debt.

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