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WASHINGTON, Aug 17 (Reuters) - Dolan Family Holdings LLC, which is controlled by Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) Chairman Charles Dolan, on Thursday dropped out of the U.S. sale of licenses for advanced wireless airwaves, which has reached $11 billion in bidding.
The group had bid on licenses in the New York, New Jersey and Connecticut area and had made an initial deposit of $150 million before the bidding got under way last week.
Dolan was the latest media entity to bow out of the Federal Communications Commission auction. On Wednesday the joint venture of the top two satellite television providers, DirecTV Group Inc. (DTV.N: Quote, Profile, Research) and EchoStar Communications Corp. (DISH.O: Quote, Profile, Research), dropped out.
Analysts have said media companies were likely bidding in the wireless sale in an effort to complement existing services. Telephone, cable and satellite companies are competing to provide customers with a package of television, high-speed Internet and voice communications, including wireless.
After 24 rounds of bidding, Deutsche Telekom AG's (DTEGn.DE: Quote, Profile, Research) T-Mobile USA provisionally had the highest bids for 130 licenses, offering $3.7 billion. It has fewer wireless airwaves than its bigger wireless rivals and was expected to be an aggressive bidder.
Verizon Wireless was in second place, with provisionally winning bids of $2.8 billion for four licenses. It is a joint venture of Verizon Communications (VZ.N: Quote, Profile, Research) and Vodafone Group Plc (VOD.L: Quote, Profile, Research).
Also still in the hunt was a consortium of top cable companies Comcast Corp. (CMCSA.O: Quote, Profile, Research) and Time Warner Inc. (TWX.N: Quote, Profile, Research) and No. 3 U.S. wireless provider Sprint Nextel Corp. (S.N: Quote, Profile, Research). That group was in third place and had provisionally winning bids for 93 licenses with bids of almost $1.5 billion.
Analysts have forecast that the FCC sale of 1,122 licenses could raise as much as $15 billion. The auction continues until there are no new bids, withdrawals or other activity.
© Reuters 2006. All Rights Reserved
WASHINGTON, Aug 17 (Reuters) - Dolan Family Holdings LLC, which is controlled by Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) Chairman Charles Dolan, on Thursday dropped out of the U.S. sale of licenses for advanced wireless airwaves, which has reached $11 billion in bidding.
The group had bid on licenses in the New York, New Jersey and Connecticut area and had made an initial deposit of $150 million before the bidding got under way last week.
Dolan was the latest media entity to bow out of the Federal Communications Commission auction. On Wednesday the joint venture of the top two satellite television providers, DirecTV Group Inc. (DTV.N: Quote, Profile, Research) and EchoStar Communications Corp. (DISH.O: Quote, Profile, Research), dropped out.
Analysts have said media companies were likely bidding in the wireless sale in an effort to complement existing services. Telephone, cable and satellite companies are competing to provide customers with a package of television, high-speed Internet and voice communications, including wireless.
After 24 rounds of bidding, Deutsche Telekom AG's (DTEGn.DE: Quote, Profile, Research) T-Mobile USA provisionally had the highest bids for 130 licenses, offering $3.7 billion. It has fewer wireless airwaves than its bigger wireless rivals and was expected to be an aggressive bidder.
Verizon Wireless was in second place, with provisionally winning bids of $2.8 billion for four licenses. It is a joint venture of Verizon Communications (VZ.N: Quote, Profile, Research) and Vodafone Group Plc (VOD.L: Quote, Profile, Research).
Also still in the hunt was a consortium of top cable companies Comcast Corp. (CMCSA.O: Quote, Profile, Research) and Time Warner Inc. (TWX.N: Quote, Profile, Research) and No. 3 U.S. wireless provider Sprint Nextel Corp. (S.N: Quote, Profile, Research). That group was in third place and had provisionally winning bids for 93 licenses with bids of almost $1.5 billion.
Analysts have forecast that the FCC sale of 1,122 licenses could raise as much as $15 billion. The auction continues until there are no new bids, withdrawals or other activity.
© Reuters 2006. All Rights Reserved
