According to the report in Broadcasting & Cable, the FCC closed the first stage of the forward auction, failing to meet the $88.4 billion target bidders needed to cover the cost of payments to broadcasters. The auction netted $22.45 billion after the bidding credits and discounts were applied.
“Bidding in the forward auction has concluded for Stage 1 without meeting the final stage rule and without meeting the conditions to trigger an extended round. The incentive auction will continue with Stage 2 at a lower clearing target,” the FCC said.
The second stage of the reverse auction will begin September 13 and has reduced the spectrum it is buying from broadcasters—from 126 MHz to 114 MHz. A tutorial for the second stage is available for viewing here. MAB is monitoring.