BEDMINSTER, N.J. -- Verizon Wireless announced that it has won the spectrum license for the New York metropolitan area auctioned by NextWave Telecom Inc. today. Under the terms of the purchase agreement, Verizon Wirelesswill pay $930 million for the license.

The 10 MHz license is in the 1.9 GHz PCS frequency range and covers a population of 20.1 million people for the New York, New York Basic TradingArea ("BTA"). The BTA covers New York City and northern and centralNewJersey, as well as Westchester and Rockland counties. The license will be used to expand Verizon Wireless' network capacity to meet customers'growingdemand for voice and data services.

The transaction, subject to approval by the Federal Bankruptcy Court and the Federal Communications Commission, as well as antitrust regulatory review, is expected to close by the end of 2004.

Verizon Wireless