Subject: [NEXTEL-1] Verizon-Northcoast Deal Done

From: Marcel <[email-masked]>
Date: Fri, 20 Dec 2002 17:38:37 -0500

Verizon-Northcoast Deal Done
BY WIRELESS WEEK STAFF
DECEMBER 20, 2002

Verizon Wireless gets a big boost in potential network capacity through its $750
million cash deal to buy 50 PCS licenses from struggling cable TV system operator
Cablevision Systems.

The all-cash deal, which has been rumored since Cablevision announced a
restructuring plan in September to help it pay down debt, includes spectrum and
network assets in such major markets as New York City; Boston; Minneapolis;
Columbus, Ohio; Rochester, N.Y., and Hartford, Conn. It does not apparently
include Cleveland, the only market where Cablevision offers wireless service
commercially.

The cable company will use $60 million of the sale proceeds to retire Northcoast's
PCS license debt. Verizon Wireless is funding the purchase from an existing credit
arrangement with its parent Verizon Communications.

'These highly attractive licenses, overlapping some of our most densely populated
service areas, will enable us to efficiently deploy capital to provide more network
capacity,' says Verizon Wireless President and CEO Denny Strigl.

In fact, Verizon estimates that in some markets it could boost network capacity by
40 percent with the new spectrum. Licenses are 10 MHz chunks of the 1900 MHz
frequency acquired in the D-, E- and F-block auctions, covering about 47.4 million
POPs.

Markets covered by the licenses include 50 markets in the states of Connecticut;
Rhode Island; Massachusetts; Ohio; New York; Maine; Minnesota; New
Hampshire; Vermont; Pennsylvania; West Virginia and Kentucky.

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