FCC's 24 GHz Auction Opens with $304.4 Million in Bids

The FCC 24 GHz auction had $304.4 million in provisionally winning bids after the first day Thursday, on two rounds. The 28 GHz auction had $41.7 million at that point, closing in January with $702.6 million. New Street predicts prices per MHz/POP will be similar to the earlier high-band auction, with an estimated $3.3 billion in proceeds (see 1903050006). Other analysts made similar predictions. The highest prices so far are in the three largest markets -- New York, followed by Los Angeles and Chicago. Bidding continues Friday with three rounds. The auction started despite House Science Committee members seeking a delay (see 1903130057). The auctions are very different, so comparisons are hard to draw. The 28 GHz auction used the standard simultaneous multiple round auction format, with two 425 MHz blocks in each county. The 24 GHz uses a clock format and requires bidding on generic blocks in each partial economic area. A second phase will allow winners of the generic blocks to bid for frequency-specific license assignments. The 24 GHz licenses are offered in seven 100 MHz blocks in each market.