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Verizon, Straight Path pay record $614M FCC penalty

Published 02/28/2018, 05:32 PM
© Reuters.  Verizon, Straight Path pay record $614M FCC penalty
  • Verizon (NYSE:VZ) and its newly incorporated Straight Path wireless unit (NYSEMKT:STRP) have paid a $614M civil penalty in an FCC settlement -- the largest such penalty ever paid.
  • That resolves a probe into allegations that Straight Path violated FCC rules by failing to use spectrum it was awarded, conduct that came before Verizon announced its acquisition.
  • The resolution called for Straight Path to sell about 1,000 licenses in question and remit 20% of overall proceeds.
  • This is separate from a $15M penalty that Straight Path paid in January 2017.
  • Previously: Straight Path/Verizon deal closes (Feb. 28 2018)
  • Now read: Only One Sector Has Experienced A True Earnings Recovery


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