WASHINGTON, D.C. (Reuters) — U.S. regulators on Nov. 24 said they had sold 258 permits for new radio broadcasting facilities around the country in their first-ever open FM auction.
The Federal Communications Commission said the permits had been sold to 110 bidders for a total of $147.4 million.
Most of the permits will be issued for smaller communities in the western United States, the FCC said. Many of the winning bidders were new entrants into the radio broadcast market.
The auction began Nov. 3 and closed Nov. 23 after 62 rounds of bidding, the agency said.
After final payments are made and construction permits issued, winning bidders will have three years to complete construction of the new stations and begin providing FM service.
