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Mc Caw Hangs Up On Pcs


In Business This Week

McCAW HANGS UP ON PCS

IS SMART MONEY FLEEING much hyped personal communications services? Wireless entrepreneur Craig O. McCaw, flush with nearly $1 billion in stock after selling McCaw Cellular to AT&T, bowed out of the bidding for PCS licenses. Prices were just getting too high, says an associate: "At this point, you've got to have a lot of staying power to make the economics of this business work." Indeed, the top bid for rights to the Los Angeles PCS market had hit $494 million by Mar. 8; New York had fetched a bid of $443 million. McCaw may return for later auctions.EDITED BY KEITH H. HAMMONDS


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