August 16, 2012 / 3:05 PM / 5 years ago

FCC chairman says Verizon-cable deals ready for approval

WASHINGTON, Aug 16 (Reuters) - The head of the Federal Communications Commission on Thursday said Verizon Wireless and cable operators have agreed to make fundamental changes to their multibillion-dollar spectrum deals that would also create a joint venture and allow the cable operators to resell Verizon’s mobile service.

“Because of these substantial undertakings and in light of the Consent Decree the companies executed with the Justice Department today, I believe the Commission should now approve this transaction, and I will be circulating a draft order to my colleagues that would do so,” FCC Chairman Julius Genachowski said in a statement.

Verizon Wireless, a joint venture of Verizon Communications and Vodafone Group Plc, last December proposed to buy about $3.9 billion worth of wireless airwaves from cable companies including Comcast Corp and Time Warner Cable Inc.

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