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Valuations

Post-Auction Valuations (actual results)

FCC Database–Reverse Auction

FCC Database–Forward Auction

           Reverse    Forward
           Auction    Auction     Offered
           Billions   Billions      MHz
Stage 1     $86.4      $22.5        100
Stage 2     $56.5      $21.5         90
Stage 3     $40.3      $19.7         80
Stage 4*    $10.1      $19.8         70
*Auction complete in Stage 4, resulting in 70MHz auctioned for a total of $19,8 billion in receipts, 
including a final phase specifying the frequencies for each licensee. The $10.1 billion payout to
broadcasters does not including packing reimbursements and tax breaks.

Pre-Auction Valuations

Private Sector Valuations

Media Services Grou

Bigger Than Big, Media Services Group, June 29, 2016.

The Big Big Number, Media Services Group, June 28, 2016.

The $40 Billion Blink, Media Services Group, June 1, 2016.

Kagan Media Appraisals (paid for by the broadcasting industry)

Dano, Mike, Analysts: 600 MHz incentive auction could generate $60 billion, but per-MHz prices could be lower than AWS-3 auction, Fierce Wireless, September 30, 2015.

S&P Global Market Intelligence

MAJOR U.S. TV STATION GROUPS COULD REAP BILLIONS FROM STATION SALES IN THE FCC INCENTIVE SPECTRUM AUCTION, S&P Global Market Intelligence, April 18, 2016.

Some TV Station Groups Would Reap Billions From A Successful Auction, S&P Global Market Intelligence, April 11, 2016.  See also Eggerton, John, S&P Global Predicts Big Potential Auction Payday, Broadcasting & Cable, April 18, 2016.

TV Station Owners Assessing Upcoming FCC Incentive Spectrum Auction,  S&P Global Market Intelligence, December 28, 2015.

Wells Fargo

Dano, Mike, AT&T predicted to dominate 600 MHz incentive auction with $10B in bids, outshining T-Mobile’s $8B spend, Fierce Wireless, November 25, 2015.

FCC Reverse Auction Opening Bid Prices

INCENTIVE AUCTION TASK FORCE AND WIRELESS TELECOMMUNICATIONS BUREAU
RELEASE OPENING BID PRICES FOR REVERSE AUCTION, FCC Public Notice, October 16, 2015.  Reverse Auction Opening Prices, FCC, October 16, 2015.

APPLICATION PROCEDURES FOR BROADCAST INCENTIVE AUCTION SCHEDULED TO BEGIN ON MARCH 29, 2016, FCC Public Notice, October 16, 2015.

Incentive Auction Opportunities for Broadcasters, Prepared for the Federal Communications Commission by Greenhill, February 2015.

Meta

Gibbs, Colin, 600 MHz incentive auction primer: Who will bid, when it will happen, how it will work, and how much money it will raise, Fierce Wireless, March 22, 2016.

Moritz, Scott, and Todd Shields, Wireless Fever Cools Before FCC Auction; No Dark Horse Seen, Bloomberg, March 14, 2016.

Dano, Mike, Analysts: 600 MHz incentive auction could generate $60 billion, but per-MHz prices could be lower than AWS-3 auction, Fierce Wireless, September 30, 2015.

Government Valuations

Congressional Budget Office Scores

April 21, 2015.  Letter from CBO to Rep. Dean Heller.

Definitions–Current Use/Enterprise Value

The enterprise value, also known as the current/existing use value of a TV broadcast license, is based on its cash flow potential in its current use.  Unlike residential or commercial real estate, which is appraised at market value for taxation purposes, broadcast licenses are exempt from both property and sales tax.  http://www.ruralvermont.org/issues-main/current-use/

“EXISTING USE VALUE (EUV) is the price at which a property can be sold on the open market assuming that it can only be used for the existing use for the foreseeable future.”  See https://www.ventureline.com/accounting-glossary/E/existing-use-value-definition/