AT&T and Verizon Are Spending Big to Catch Up to T-Mobile

Many anticipated lots of contentious bidding in the ongoing FCC C-band spectrum auction, but nobody expected telecom and cable companies to spend this much on the repurposed radio spectrum licenses. Bidding surpassed $77.3 billion in aggregate by midday Tuesday following the New Year's break -- a new record for the FCC.

Verizon (NYSE: VZ) and AT&T (NYSE: T) are expected to be the biggest bidders as they attempt to catch up to T-Mobile's (NASDAQ: TMUS) well-established mid-band spectrum position. But the increased competitiveness from others like Comcast (NASDAQ: CMCSA) and DISH Network (NASDAQ: DISH) could be making the auction less worthwhile for the bigger wireless carriers.

Image source: Getty Images.

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Source Fool.com