Verizon Wireless Can Buy NextWave Airwaves

Verizon Wireless won approval from U.S. regulators to complete its $3-billion purchase of NextWave Telecom Inc.’s airwave licenses in New York, Philadelphia and 21 other cities.

The decision by the Federal Communications Commission becomes final in 40 days.

Verizon Wireless will use the airwaves to send more calls and Internet traffic across its network. NextWave filed for bankruptcy protection in 1998 after it was unable to pay the FCC for the licenses it had won in auctions.

Shares of New York-based Verizon Communications fell 10 cents to $36.37 on the NYSE. NextWave shares were unchanged at $7.95 in over-the-counter trading.