FCC Advances Proposal for SES, Intelsat to Sell Spectrum Access

U.S. regulators advanced a proposal that could let Intelsat SA and SES SA reap billions of dollars in fees from mobile providers using airwaves now devoted to TV broadcasters and cable companies.

The Federal Communications Commission voted 4-0 to seek comments on rules for letting terrestrial services use airwaves long dedicated to the satellite services. The action won’t be final until a second vote that hasn’t been scheduled.

Since the companies announced their joint proposal Feb. 9, Intelsat shares have soared, as investors anticipate an opportunity to reduce the company’s crushing $14 billion in debt.

Intelsat and SES say they’re ...