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Sprint says will sit out of 2016 airwaves auction

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Sprint says will sit out of 2016 airwaves auction
A person walks by a Sprint store in Pasadena, California May 4, 2015. Sprint Corp will report its first-quarter results as it continues to step up new promotions and pricing plans to attract subscribers in the middle of its turnaround plan. REUTERS/Mario Anzuoni

Sprint Corp (S.N) will not join the U.S. government’s auction of airwaves set for early 2016, as it has adequate airwaves to currently build out its network and for its future needs, the company said on Saturday.

The U.S. Federal Communications Commission is gearing up to auction off valuable 600 megahertz airwaves that can travel long distances and penetrate buildings, to wireless carriers, which are clamoring for faster speeds for data-guzzling customers.

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