Qualcomm Sells FLO TV Spectrum To AT&T

San Diego-based Qualcomm announced this morning that it has agreed to sell a block of its 700 MHz spectrum to AT&T, for $1.925 billion. Qualcomm said it is selling its Lower 700 Mhz D and E Block (Channel 55 and 56), unpaired U.S. spectrum licenses to AT&T, as part of its shutdown of its FLO TV business. The spectrum was previously as as part of Qualcomm's FLO TV subsidiary, which provided mobile television services. AT&T said it plans to use the new spectrum as part of its 4G network plan, to provide supplemental downlink to its network. Qualcomm is planning to shut down its FLO TV services in March. According to Qualcomm CEO Paul Jacobs, the sale is a "positive outcome" for the firm and its stakeholders.