Liberty University has added $23.1 million to its coffers after auctioning off spectrum usage rights for WFFP-TV, a television station purchased by LU in 2013 to air athletic events and convocations.
Liberty President Jerry Falwell Jr. said LU purchased the TV station in 2013 for $1 million after it went bankrupt. The sale of the spectrum usage rights gave Liberty a $22.1 million windfall.
The sale was part of the Federal Communications Commission’s “reverse auction,” which concluded in March and aims to “realign use of the public’s airwaves,” according to the FCC website.
