AT&T To Buy Flo TV Spectrum For $1.9 Billion
AT&T, which last month was reported to be in discussions with Qualcomm regarding FLO TV spectrum, announced plans to use the 700 MHz licenses to help increase capacity for its 4G network, rolling out next year. The entire FLO TV footprint covers 300 million people nationwide including cities such as New York, Boston, Philadelphia and Los Angeles. The deal is subject to FCC and other approvals and AT&T and Qualcomm expect to close the sale during the second half of 2011.
The FLO TV network and business is expected to be shut down by March 2011. Qualcomm said the spectrum sales to AT&T would increase restructuring charges related to FLO TV previously estimated at $125 million to $175 million for its fiscal 2011.