Verizon Dominates C-Band Auction, Followed by AT&T, T-Mobile

Verizon dominated the record-setting C-band auction with $45.4 billion in bids, almost twice the $23.4 billion bid by AT&T, the FCC announced. T-Mobile was third at $9.3 billion, as it further buttressed its midband holdings. UScellular bid $1.3 billion. The auction started Dec. 8 and closed Feb. 17 at $81.2 billion after the assignment phase. That doesn’t include roughly $13 billion in accelerated clearing payments. The FCC sold all 5,684 spectrum blocks up for bid.

“This auction reflects a shift in our nation’s approach to 5G toward mid-band spectrum that can support fast, reliable, and ubiquitous service that is competitive with our global peers,” said acting FCC Chairwoman Jessica Rosenworcel: “Now we have to work fast to put this spectrum to use.”

Verizon was widely expected to be the top bidder, followed by AT&T, T-Mobile, Dish Network and the major cable companies. Verizon has seen some downward pressure on its stock because of concerns over spending in the auction. S&P Global Ratings warned that the auction “will have a significant effect on balance sheets for U.S. wireless operators.”

The bidding eclipsed the AWS-3 auction five years ago, which raised $44.9 billion.