News Summary: AT&T to buy NextWave

News Summary: AT&T to buy NextWave, holder of unused wireless spectrum

Associated Press

THE DEAL: AT&T Inc. has agreed to buy NextWave Wireless Inc., which holds the right to use sections of the wireless spectrum that could be used for broadband.

THE MONEY: It's paying up to $600 million, most of which will go toward paying off NextWave debt. That also includes $25 million for the shares, plus an additional $25 million if certain conditions are met.

THE SIGNIFICANCE: The deal could give AT&T more room on the airwaves for wireless broadband, but they lie close to frequencies that are used for satellite communications, and interference concerns have prevented them from being used.

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