The Federal Communications Commission (FCC) approved late Wednesday afternoon Verizon Wireless' $3 billion cash deal for NextWave's spectrum licenses, only one day after a federal bankruptcy court approved NextWave's reorganization plan.

The deal allows Verizon Wireless, a joint venture between regional carrier Verizon Communications (Quote, Chart) and British telecom Vodafone (Quote, Chart), to boost its wireless capacity in 22 markets, including Baltimore, Boston, Los Angeles, New York and Washington, D.C. It also expands its coverage into the Tulsa, Okla., area.

Verizon Wireless plans to pay for the purchase of the 10 megahertz and 20 megahertz licenses through cash flow from operations and inter-company loans.

While the FCC has not officially announced its approval of the spectrum sale, Verizon Wireless spokeswoman Nancy Stark confirmed the federal blessing. The transaction already has been approved by the bankruptcy court and has cleared the Hart-Scott-Rodino antitrust review process.

The bankruptcy court's reorganization approval also clears the way for NextWave to launch commercial broadband operations in Las Vegas and New York City.

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