The Federal Communications Commission said Straight Path Communications Inc. and Verizon Communications Inc. paid a civil penalty of $614.3 million to settle a spectrum-related investigation.
The announcement comes shortly after Straight Path completed its merger with Verizon.
The investigation stems from a January 2017 settlement that Straight Path struck with the FCC's Enforcement Bureau — prior to the sale and transfer of its licenses to Verizon — over claims that Straight Path failed to use the spectrum it was awarded, and thus violated the FCC's buildout and discontinuance rules related to about 1,000 licenses in the millimeter wave spectrum bands.
The settlement also required Straight Path to sell its licenses and remit 20% of the overall proceeds of the transaction to the U.S. Treasury.
