Verizon sets out post-auction 5G plans, launches bond sale
Verizon has named 10 new locations where 5G Home will be launched following the telco's successful participation in the latest US spectrum auction.
Held in February, Verizon took more than half of the spectrum offered in the FCC auction of 3.7 GHz Service Licenses, which raised US$81 billion.
In a statement, Verizon clarified that its C-Band allocation will "help increase total wireless broadband services to nearly 15 million homes by the end of the year and expand Ultra-Wideband mobility coverage to 100 million additional customers in 12 months".
The new locations will begin to receive services this month.
Cleveland, OH; Las Vegas, NV; Louisville, KY; Omaha, NE; San Diego, CA will be able to access services from 18 March, with Charlotte, NC; Cincinnati, OH; Hartford, CT; Kansas City, MO and Salt Lake City, UT following on 25 March.
5G Home customers will also receive complimentary discovery+ streaming service for 12 months.
“We continue to lead the industry with ever-expanding broadband and mobility options for our customers, and our new C-band spectrum holdings, in combination with our extensive mmWave spectrum holdings, will only accelerate that for customers,” said Ronan Dunne, CEO, Verizon Consumer Group.
“5G internet disrupts the current delivery of broadband internet service and provides speed and reliability, possible only because of our winning network combination. That’s 5G Built Right.”
Verizon won more than half of the spectrum offered in auction 107, at a cost of $45.5 billion plus $8 billion in additional clearing payments. The first installment of $8.2 billion was paid to the FCC this week and yesterday, Verizon CFO Matthew Ellis launched a bond sale to help generate the $36.4 billion payment due on 24 March.
If the sale doesn’t generate the funds required, Ellis said proceeds remain from the $12 billion bond sale Verizon held in November and that these funds could be used to pay the FCC.