Verizon Wireless will pay top U.S. cable providers $3.6 billion for wireless airwaves and let them resell its mobile service, heating up competition with the wireless company's chief rivals.
The agreement, with a consortium that includes Comcast Corp and Time Warner Cable Inc, puts new pressure on Verizon rivals Sprint Nextel and AT&T, which is tied up fighting regulatory opposition to its proposed T-Mobile USA acquisition.
Both Verizon Wireless and AT&T, the No. 1 and No. 2 U.S. mobile providers, have made no secret of the fact that they need more spectrum to support increased consumer demand for videos and other data-heavy services.