We explore the sensitivity of the U.S. government's ongoing incentive auction to multi-license ownership by … broadcasters. We document significant broadcast TV license purchases by private equity firms prior to the auction and perform a … prospective analysis of the effect of ownership concentration on auction outcomes. We find that multi-license holders are able to …

-purposed spectrum from broadcast TV to mobile broadband usage in the U.S. We document significant multi-license ownership of TV stations …. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multi-license owners have an …