Once again, Verizon Wireless notches a deal to obtain cable company spectrum.

Cox Communications announced Friday it has entered into an agreement to sell its Advanced Wireless Service spectrum licenses to Verizon Wireless for $315 million. In addition, the two companies will also have the opportunity to sell each other's products and services through respective company sales channels. Eventually, Cox may receive the right to begin selling Verizon Wireless services on a wholesale basis.  

In November, Cox announced it would discontinue its Cox Wireless service. However, wireless customers will continue receiving service until April 2012.

These agreements provide Cox customers with key enablers to mobility, such as access to Verizon Wireless' 4G LTE network and iconic wireless devices, Cox President Pat Esser said in a statement. We look forward to the many benefits this will bring to customers.

Cox Communications is a subsidiary of Sandy Springs, Ga.-based Cox Enterprises, a privately owned company. Verizon Wireless is a joint venture between New York-based Verizon Communications and London-based Vodafone. The companies own a 55 percent stake and a 45 percent stake in the venture, respectively.

As wireless companies face a shortage of spectrum due to rapid growth of smartphone use, these firms are increasingly looking to cable companies to provide spectrum. Earlier this month, Verizon Wireless announced plans to acquire wireless spectrum from SpectrumCo LLC for $3.6 billion. SpectrumCo is a joint venture between Comcast, Time Warner Cable and Bright House.

All spectrum deals require approval by the Federal Communications Commission.