Verizon has $1.9 billion in winning bids in 3.5 GHz spectrum auction: FCC

FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez

WASHINGTON (Reuters) - The Federal Communications Commission (FCC) said a Verizon Communications Inc VZ.N unit won bids worth nearly $1.9 billion in an auction of a key spectrum block in the 3.5 GHz band.

In total, 228 bidders won bids worth nearly $4.6 billion for the mid-band spectrum block. The FCC says the auctioned spectrum will further the deployment of next-generation 5G networks and the Internet of Things. FCC Chairman Ajit Pai said the auction of 91% of spectrum offered demonstrated there was “strong demand.”

Reporting by David Shepardson, Editing by Franklin Paul