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WASHINGTON -- On Wednesday, Verizon Wireless announced plans to sell off its 700 MHz A and B licenses if the Federal Communications Commission approves its acquisition of spectrum licenses from SpectrumCo, Cox and Leap Wireless.

Free Press Research Director S. Derek Turner made the following statement:

"Until today's announcement, Verizon denied that it was hoarding spectrum. This sale demonstrates that Verizon has in fact warehoused spectrum and the company will likely profit handsomely from this spectrum speculation strategy.

"The undeniable truth is a disproportionate amount of the country’s most valuable spectrum is concentrated in the hands of Verizon and AT&T, which enjoy market shares that dwarf other sectors of the American economy.

"Verizon does not need cable's spectrum. Verizon already controls large swaths of unused beachfront airwaves that it could use to meet future demand. Allowing Verizon to foreclose future wireless competition by gobbling up the valuable airwaves currently held by its cable competitors is clearly not in the public interest."

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