Mccaw Wins Huge L.A. Mobile Phone Bid

Billionaire Craig McCaw plunked down $171.7 million for a license to provide the next generation of mobile phone service in Los Angeles when a federal airwaves auction reopened Wednesday.

Energized after a two-week break, bidders acted aggressively, offering a total of $1.84 billion for 99 licenses in round 21.

The licenses permit companies to provide a more mobile and less expensive phone service than existing cellular.

McCaw’s bid was nearly 200 percent more than the previous high bid of $57.4 million for the same license.