January 25, 2008

Wireless auction opens with $2.4 billion bid total

070302_700mhz_auction_120x90.jpg Top bidders put up a total of more than $2.4 billion on Thursday in the opening round of the Federal Communications Commission's auction of coveted U.S. government-owned airwaves. CNN reports.

"The electronic auction is expected to continue for weeks or even months and will end when no more bids are submitted. The FCC plans to hold multiple rounds of back-and-forth bidding each day on each of five blocks of spectrum available for sale.

A second round on Thursday is scheduled to go from 11:30 a.m. to 1:30 p.m. PST.

Results from each round are made publicly available on the FCC's Web site about 10 minutes afterward."

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