Straight Path failed to use spectrum, resulting in $614M fine and sale to Verizon.
By Jon Brodkin
The Federal Communications Commission today collected a $614.3 million fine from Verizon and Straight Path, a company that Verizon just bought.
The merger and fine are related. Straight Path held about 1,000 FCC spectrum licenses but failed to use them. Straight Path thus entered a settlement with the FCC requiring it "to sell its licenses and remit20 percent of the overall proceeds of the transaction to the US Treasury," the FCC said in its announcement today.