Verizon Wireless ... to build high-speed network for use in major U.S. cities by this summer.

NEW YORK (Reuters) - Verizon Wireless said Thursday it will spend $1 billion over the next two years to build a high-speed wireless Internet data network that will be available for use in major U.S. cities this summer.

The network, which will use third-generation or "3G" technology provided by Evolution-Data Optimized (EV-DO), will be fast enough to allow consumers to download video and music as well as send video messages.

The high-speed network, called BroadbandAccess, will be available to businesses and individual customers beginning in the summer of 2004. Since 2003, Verizon has operated wireless broadband networks in Washington, DC, in a partnership with Lucent Technologies and in San Diego with Nortel Networks.

The service, which will run at speeds of 300 to 500 kilobits, will cost $79.99 a month with a one-year contract, the company said.