With the quiet period lifted, broadcast groups from around the country are slowly announcing their profits (or not) from the recently completed FCC Reverse Spectrum Auction.
We covered a few broadcast groups in our last newsletter here. As of this writing, only one Michigan full-power station announcing that it will go off the air as a result of the auction.
Last week, CBS announced that it did not sell any full-powered television stations. COO Joe Ianniello told securities analysts and investors “As the auction continued to drop rapidly in value, it just didn’t make sense for us to participate because we make so much more money by broadcasting in the highest standards possible. So, that’s our bread and butter.”
In Detroit, CBS owns WWJ-TV and WKBD-TV.