Business Services Industry
The Miami Herald Business Briefs Column.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000
Aug. 12--SHARES RISE ON EXPECTATIONS OF RICHES: Paxson Communications (PAX) shares rose 29 percent on hopes that some TV station owners may get big payments to turn over their broadcast spectrum to wireless phone companies sooner than planned.
Paxson, the West Palm Beach owner of television stations, rose $2.94 to $13.19. The company owns the largest number of stations that occupy the slice of UHF TV spectrum including Channels 60 to 69.
The space, once considered undesirable, is now coveted by phone companies who want it for lucrative wireless services. Broadcasters have a right to keep the spectrum until 2006 or later, meaning phone companies likely will pay them to leave early. That raises the issue of how much the spectrum is worth.
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