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“A transformational opportunity” is how Curtis Monk, president and CEO of Commonwealth Public Broadcasting Corp. — the owner of WCVE radio and television stations in Richmond — describes the $181.9 million that the stations will receive from the sale of broadcast spectrum from a recent auction by the Federal Communications Commission.
The public broadcaster announced in late March that it had sold television stations WNVT and WNVC in the Washington market for $57.1 million and $124.8 million, respectively. To put the size of the windfall in perspective, Community Idea Stations received support and revenue of approximately $8.8 million in fiscal year 2015, according to an audit posted on its website.
The company says it will use a portion of the proceeds to increase news-gathering operations, including coverage of the arts. Most of the money will go into a newly created foundation.
“We are gathering feedback from our members, talking with community partners and working closely with our board to determine timing and projects that can make the most impact in our community,” Monk says by email. He adds that members and sponsors will still be relied on to pay for national Public Broadcasting Service and National Public Radio programs and to support ongoing operations.
