The Minority Media Telecommunications Council has urged the FCC to postpone FM Auction 79, now scheduled for this September, by at least six months.
In reply comments filed with the commission, the MMTC said it agrees with Jack Mullaney of Mullaney Engineering and that the auction should be delayed until the economy improves. A delay would yield greater economic returns for the U.S. Treasury, as well as more diversity, says MMTC.
“In the present economic environment, almost no equity or debt capital is available — except from high net worth individuals — to finance the acquisition and buildout of bare construction permits,” states the lobbying group and minority media broker. “In such an environment, minorities are especially disadvantaged, given the approximately 6:1 white/minority wealth gap that persists in this country. Indeed MMTC Media Brokers … has been approached by only one minority entrepreneur interested in bidding on these allotments. Others have passed because no funding is available.”
