Final signoff for WADL? Adell looks to sell at FCC auction, expects $170M
CrainsDetroit.com reports that Kevin Adell has met an offer he cannot refuse.
Well, not quite an offer, but the expectation of an offer.
Adell, who owns WADL TV-38 in Clinton Township, said he will participate in the Federal Communication Commission’s auction next year in which TV stations will sell their shares of the coveted UHF over-the-air broadcast spectrum to mobile wireless providers that need more airwaves bandwidth to satisfy customer demand.
Based on estimates provided by the FCC, which Adell shared with Crain’s, he expects to get $170 million for WADL’s portion of the local UHF airwaves.
“It might be time, at $170 million, to take the chips off the table on WADL,” Adell said. “I don’t think it’s going to go for less.”
The FCC will take 15 percent of the auction sale price as a broker fee, and Adell expects WADL’s spectrum to sell for closer to $180 million or $190 million.