NextWave and the FCC Close to Resolving Issue

date: September 23, 2001

It has been reported in the press that NextWave Telecom which is in bankruptcy protection and the U.S Federal regulators FCC are negotiating a $15billlion worth of next generation wireless licenses to rival wireless carriers and to end a long battle with the US government.

The potential deal was widely reported on Friday, but details were sketchy and are subject to change. NextWave and the FCC would not confirm the reports.

A deal between the two sides could include a multibillion-dollar lump-sum payment to NextWave in return for the company giving up its claim to the licenses. The FCC would be paid about $10 billion for the licenses--more than what NextWave bid for them in 1996, but far less than their current market value. The licenses could be reissued to Verizon Communications and other U.S. carriers, which pledged billions of dollars for the disputed licenses earlier this year.

NextWave issued a statement on Friday reiterating its intention to keep the licenses and build out a national wireless network.

NextWave said "NextWave has consistently demonstrated its desire and commitment to enter the wireless marketplace, with viable plans for doing so. Consistent with its corporate responsibilities, it has always been NextWave's policy to explore ideas that might lead to a consensual resolution of existing issues and allow the company to complete pending bankruptcy proceedings, and we will continue to fulfill that responsibility."

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