Verizon buys Cox's spectrum to stay ahead in 4G

Verizon Wireless has decided to pay $3.6 billion to buy licenses for mobile spectrum covering 259 million U.S. residents from cable company COX. Verizon's new purchase from Cox will have to receive approval from the Federal Communications Commission before it's official, but the agency is expected to grant permission for the deal.

The transaction with Cox is the second of a series of Verizon spectrum purchases in the past few weeks. Earlier this month, Verizon announced a $3.6 billion deal for 122 spectrum licenses from Comcast and Time Warner Cable. That purchase also included an agreement that allowed Verizon and the cable companies involved to sell one another's products.

"The deal will allow Verizon to offer better 4G services", said Dan Mead, president and CEO of Verizon Wireless, in a statement. "Spectrum is the raw material on which wireless networks are built, and buying the AWS spectrum now solidifies our network leadership into the future."

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