US News: $1.24bn bid for 700 MHz auction C Block
The FCC's 700 MHz spectrum auction kicked off yesterday, with 214 qualified bidders expected to compete for various 700-MHz band licences, including Verizon, AT&T and Google.
The results of the first round are in, and Reuters reports that the 700 MHz C Block received an opening bid of $1.24 billion.
The rounds will continue until there are no more bids.
According to wired.com, the auction could rake in up to $30 billion.
In an effort to eliminate potential complicity between bidders, the FCC will not disclose who placed what bids, and the winners and losers will remain unknown until the auction is officially over.
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