Verizon Satisfied With Current Spectrum Holdings

With the wireless industry pushing hard for additional spectrum, particularly in the lower 3 GHz and 7/8 GHz bands, which are being examined as part of the national spectrum strategy (see 2405060051), a top Verizon official said Tuesday the carrier isn’t in the market for additional spectrum. “We like the assets we have right now,” Sowmyanarayan Sampath, Verizon Consumer Group CEO, said at a MoffettNathanson investor conference. Verizon went big in the 2021 C-band auction, bidding $45.4 billion, plus $8 billion in incentive costs to satellite operators (see 2102250046). In markets where the carrier has deployed C-band it continues to see lower churn and a better mix of premium customers, Sampath said. He said Verizon has limited exposure with the loss of the affordability connectivity program, but also sees opportunities for gaining customers. “There could be an opportunity for us to get on the offensive and take some share,” he said. Verizon has “the largest collection of prepaid assets today, ranging from the discount to the mid-market, to the premium end,” he said: “We will have a service at every single price point.” About 15% of its wireless customers also buy broadband from Verizon, and it plans to double that figure, Sampath said. “We're never going to see it at the European levels of 50%, 60% convergence because the market structure is fundamentally different [in Europe] and the regulatory environment is very different there," he said. Sampath said Verizon believes it has the best U.S. wireless network, as a result of “better RF design” and “a better set of assets.” Verizon's tests show “it's a much better network,” he said. “At the end of the day, it comes down to reliability and coverage.”