Fox to Get $350 Million from Incentive Auction, Tribune $190 million
Fox Television Stations will receive $350 million in proceeds from the incentive auction, and Tribune Media will receive $190 million, they said in news releases Wednesday. “This spectrum sale isn't expected to lead to any material change in the operations…
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or results for Fox Television Stations or for any of the affected television markets,” the Fox release said, a statement echoed by Tribune Media. Fox expects to receive the proceeds in 2017, Tribune in the second half of 2017, they said. “We are starting to see that the public companies did not 'cash out' at significantly 'low prices' -- which had been an initial concern aired by some investors,” said Wells Fargo analyst Marci Ryvicker in an email to investors. “Given the ultimate MHz Pop valuation of the reverse auction (which we determined to be $0.31), we should NOT be surprised that the public companies might not get the bulk of these proceeds.” Gray Television announced a yield of $90.8 million Tuesday (see 1702070034).