Justice Department signs off on Verizon spectrum deal with cable companies

Although the Federal Communications Commission (FCC) still has the final word, Verizon Wireless is now clear to pursue a deal with U.S. cable companies, which puts unused spectrum into the hands of America's largest wireless network.

Bloomberg is reporting that the U.S. Department of Justice has given its blessing to the deal on Thursday, provided the carrier and cable companies set limits on offering each other's services.

The $3.6 billion deal between Verizon and cable providers Comcast, Time Warner Cable, Bright House Networks and Cox Communications will also benefit rival carrier T-Mobile, who's desperately in need of additional spectrum for its 4G LTE expansion plans.

One down, one to go

The DoJ approval is a definite victory for Verizon, who now faces one last hurdle with the FCC before the deal is done.

"As evidenced by the consent decree, we believe we have addressed the Department of Justice's concerns," Verizon Wireless vice president, general counsel and secretary William Petersen told TechRadar.

"We now believe the consumer benefits of the transaction will be promptly realized, and look forward to the conclusion of the FCC review so that we can move forward with meeting the unprecedented consumer demand for innovative 4G LTE mobile and data driven products and services."

T-Mobile also stands to benefit from the deal, with Verizon required to offload some of its spectrum to the fourth-placed U.S. carrier as part of the deal.