Once upon a time, Verizon stumbled upon a very rare chance to buy a nationwide license for a 700MHz Upper C block of spectrum. Though most spectrum is sold by region, they managed to snap up a massive amount of spectrum all at once. To this day, Verizon has used that spectrum to roll out their LTE basically everywhere they can, while other carriers have to buy regional licenses and roll out their network where they can. Verizon got a great deal.
Now, Verizon is selling off their Lower B block licenses to AT&T. This includes 39 licenses, which will allow AT&T to roll LTE out faster in many areas like LA, Chicago and Miami. The entire thing, though still requiring approval by the FCC and BOJ, cost AT&T $1.9 billion.
This deal also includes AT&T leasing parts of their AWS spectrum to Verizon. Verizon should be using it to relieve congestion on its networks, as a sort of backbone for its LTE network. It can also be used for the next generation of network, if needed. And I have to say, Verizon pulled some smart moves here. Bravo.