Google's Buying Provo's Entire Fiber Network, Worth $39m, For $1

When Google announced it was rolling out a fiber network in Provo, Utah, it wasn't clear how or why it had chosen the city. Turns out, Google has managed to secure a deal to buy its entire municipal fiber network—which cost $39 million to build—for just a single dollar.

The deal, expected to be approved early next week, will be the first time Google has taken over a fiber network rather than building its own, reports AP. Provo will continue to pay off the—rather large!—loans for the network's construction, but it will be controlled by Google.

For years, Provo households have paid $5.35 a month for the network whether they use the internet or not. Now, after paying a $30 hookup fee, that monthly payment will snag them Google's basic internet package. Amusingly, the Google-Provo deal contains a get-out clause: Google can sell the network back to the city for $1 if things go wrong. The hope is they don't. [AP]

Image by AP