[BC] Licenses to Steal are Expensive

[Mark Humphrey]

Anyone trying to understand why some Radio stocks have dropped 40% in
the past six months -- or why low-budget "Jack"-style programming has
become prevalent -- should review this paper that was published nearly
five years ago, shortly before the launch of XM and Sirius:

http://www.progress.org/cg/license02.htm

The writer -- a "Georgist" -- points out WNIB in Chicago was sold for
$17 per head, but I recall some later "stick" sales that went even
higher, like the KRTS Houston purchase by Radio One.

Would the public interest be better served by a Georgist approach, in
which licensees would rent public spectrum, rather than "owning" it?

For those unfamiliar with Henry George and his ideology, here are a
couple of Wikipedia articles:

http://en.wikipedia.org/wiki/Henry_George
http://en.wikipedia.org/wiki/Georgism

Mark