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Billionaire investor Craig McCaw Monday dropped out of the bidding contest for licenses to offer the next generation of wireless telephone services.
McCaw’s ALAACR Communications Inc. withdrew from the Federal Communications Commission’s airwave auctions during the 100th round. It became the 10th bidder to exit the race since the sale began in early December.
McCaw, who sold his sprawling cellular empire to AT&T Corp. last year, had been an aggressive bidder for licenses that would have allowed his new venture to provide services to some of the biggest markets in the country.
