Verizon executives on Friday said that a valuable chunk of newly purchased analog TV spectrum is a "transformative opportunity" that will let the company offer vastly faster wireless broadband service within the next three years.

In a conference call with investors on Friday morning, Verizon Communications CEO Ivan Seidenberg and Verizon Wireless CEO Lowell McAdam opened up about their plans for 700Mhz spectrum obtained through a recently concluded Federal Communications Commission auction. Early word of the plans began trickling out Thursday night after a gag rule of sorts lifted.

"With the 700MHz C block, we're in a premier position to provide the fastest (network) and most complete footprint across the country," McAdam said.

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