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December 23, 2020 04:45 pm

5G Auction Shatters Record as Bidding Tops $66 Billion

The Federal Communications Commission's ongoing sale of wireless licenses has fetched more than $66.4 billion after three weeks of bidding, a record sum that could alter cellphone carriers' prospects for the next decade. From a report: The auction proceeds have already topped the $44.9 billion raised in 2015 by an earlier sale of midrange cellular licenses, which U.S. cellphone carriers used at the time to enhance their 4G service. Those companies are now investing billions of dollars in the next wave of fifth-generation coverage. The 5G standard promises to speed the flow of data to phones and other wireless devices like personal computers, cars and industrial machinery. The recent bids have blown past Wall Street's highest forecasts, suggesting that several companies are fighting over the most valuable wireless rights. The 5G auction kicked off Dec. 8 and will pause for the holidays until Jan. 4, when total bids could move even higher. Each bid is swathed in secrecy until the auction process ends. Analysts expect big names like AT&T and Verizon Communications to walk away with a large share of the licenses to match assets that rival T-Mobile captured with its February takeover of Sprint.

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