On Thursday, the US Justice Department gave its approval to Verizon's Wireless' $3.9 billion deal with the country's four bigwig cable companies, for acquiring wireless spectrum.

Giving its clearance to Verizon's spectrum deal with cable companies - including Comcast, Cox, Time Warner Cable, and Bright House Networks -, the Justice Department sought a few changes in the agreement, so as to ensure that consumers could be duly protected from reduced competition and higher prices.

One of the most significant conditions that the Justice Department applied to the Verizon's purchase of wireless spectrum from cable companies was that the Verizon Wireless stores will not be allowed to sell TV and broadband services from the cable companies in those areas where the carrier sells its own TV and broadband service.

According to the information shared by Joseph Wayland, the antitrust division's acting assistant attorney general, the Justice Department's agreement with Verizon and the cable companies places a five-year limit on the co-marketing arrangement between the two parties. At the end of the stipulated period, the parties can apply for a further extension of the deal.

With the Justice Department approving the Verizon spectrum deal, industry observers are of the opinion that consumers may soon have more options for bundling their wireless, Internet and cable TV services. However, the agreement will also result in lowered competition and increased prices for broadband or wireless services.