U.S. Treasury to make big on 700 MHz auction

After 26 rounds of bidding, the 700 MHz auction has brought in more than $18 billion in provisionally winning bids, a total that exceeded FCC expectations. Originally, the FCC expected total winning bids to fall between $10 billion and $15 billion. The commission needed to ensure the auction raised at least $10 billion because Congress already had allocated that much of the proceeds from the auction. The $6.9 billion (and counting) leftover is profit for the Treasury Department.

During the 17th round last week, the C Block of spectrum met its reserve price of $4.6 billion with a bid that topped $4.7 billion. Meeting that target ensured the open access provisions on the block will go into effect. The D Block, however, continues to languish with only one $472 million bid from the first round of bidding last week.

For more on the auction:
- read our continuously updated coverage here
- also read this interview with Skype's Chris Libertelli about the auction results

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceWireless!

The Wireless industry is an ever-changing world where big ideas come along daily. Our subscribers rely on FierceWireless as their must-read source for the latest news, analysis and data on this increasingly competitive marketplace. Sign up today to get wireless news and updates delivered to your inbox and read on the go.