$2.7 Billion Bid So Far In Wireless Spectrum Auction

After the first day of wireless spectrum bidding, the FCC announced that $2.7 billion has been offered so far. The NYT explains:

Bidding for the national franchise in the C block started at $1.037 billion in the morning and was raised to $1.245 billion in the afternoon. The reserve price for the national C block is $4.6 billion. (Google has said it will bid at least $4.6 billion for this block, but there is no requirement that it place a bid in that amount at first.)

There will be three rounds of bidding on Friday, but none over the weekend. Mr. Levin said that by mid-February it would become clear whether the bids for the national blocks will exceed their reserve prices.

This is just like that one time when I bit on those cute vintage boots, but then at the last minute stupid Verizon Wireless came along with their $5 billion and…

Spectrum Auction Day 1: $2.779 Billion in Bids [NYT]
Auction 73 700 MHz Band [FCC]