The Chief Financial Officer of Verizon Communications Inc had confirmed that the telephone company is in the process of putting up a bid for Clearwire Corp for its wireless spectrum. The bid is said to be higher than the previously reported bid for Clearwire, which is between US$1 billion and US$1.5 billion.

Frank Shammo, Verizon's CFO did not confirm the size of the bid or any other details in the submitted deal. He further told Reuters that should Verizon fail in purchasing the spectrum, the firm would not be participating in the airwaves leasing market from Clearwire. This is because Clearwire is controlled by Sprint Nextel Corp, the third leading mobile provider in the United States.

There have been competing bids for Clearwire, from Sprint-Nextel to Dish Network Corp, the satellite TV producer. Clearwire is dependent upon leased wireless airwaves from other operators for its services. Currently, Clearwire's biggest customer is Sprint.

The bid further creates a higher demand for Clearwire, making the purchase into a three way battle.