Mike Madriaga 6:30 p.m., May 3
AT&T Agrees to Buy Qualcomm's Spectrum Licenses for $1.93 Billion
No. 2 U.S. mobile service provider AT&T this morning (Dec. 20) agreed to buy mobile television spectrum licenses from San Diego-based Qualcomm for $1.93 billion. The band covers more than 300 million people in the U.S., according to Reuters. AT&T expects to begin deploying the spectrum once compatible handsets and network equipment are developed, said Reuters. Qualcomm currently uses the licenses to support its FLO TV unit that broadcasts live TV directly to phones. Qualcomm will shut down FLO TV in March of next year, according to Reuters. Qualcomm had been trying to sell the spectrum and had had talks with AT&T competitor Verizon. Both AT&T and Qualcomm stocks are up this morning.