Poor Google. For all the noise it made about wanting the coveted C-block of the 700 MHz spectrum the FCC auctioned off, it lost out to Verizon Wireless. Bloomberg reports that the winning bid was an impressive $4.7 billion.

The airwaves ownership comes with some FCC-enforced rules, though, including a an agreement that the telco "will open its network to an unprecedented degree," according to Bloomberg. The timing of the FCC's announcement works out rather well for Verizon Wireless, which was hosting a two-day developer's conference outlining its plans to open its network to third-party devices and applications.