Verizon cleared to buy Northcoast licenses

WASHINGTON-Verizon Wireless has been cleared to buy 50 wireless spectrum licenses from Northcoast Communications, an affiliate of Cablevision Systems Corp., according to a Reuters report.

Verizon will pay $750 million in cash for the licenses and network assets that cover cities including New York, Boston and Minneapolis. The deal is expected to close in the second quarter of 2003.