Mc Caw 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.

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