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**NOTE: NOW FEATURING POST-AUCTION ANALYSIS.**
(Clock Auction Analysis Now Found Below Post-Auction Analysis)


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POST-AUCTION ANALYSIS FOR AUCTION 108 (2500 MHz Band)

Total Proceeds at End of Auction:
Gross Proceeds Net Proceeds (1)
All Categories: $427,789,670 $419,133,261
Category C1: $158,163,010 $151,532,640
Category C2: $203,970,300 $202,504,252
Category C3: $65,656,360 $65,096,369
(1) Net prices account for bidding credits awarded to small businesses and rural service providers.



Nationwide Price Per MHz-POP Statistics at End of Auction (2010 POPs):
Gross Price Per MHz-POP Net Price Per MHz-POP(1) Gross White Space Price Per MHz-POP (ALLNet) (2) Net White Space Price Per MHz-POP (ALLNet) (1)(2) Gross White Space Price Per MHz-POP (T-Mobile) (2) Net White Space Price Per MHz-POP (T-Mobile) (1)(2)
Average Across All Categories: $0.018701 $0.018322 $0.078627 $0.077036 $0.081101 $0.079460
Category C1: $0.016926 $0.016216 $0.069174 $0.066274 $0.072269 $0.069240
Category C2: $0.019514 $0.019374 $0.089722 $0.089077 $0.091346 $0.090689
Category C3: $0.021328 $0.021146 $0.074532 $0.073896 $0.076943 $0.076287
(1) Net prices account for bidding credits awarded to small businesses and rural service providers.
(2) See discussion below in regarding "white space" pricing using data from AllNet and T-Mobile.


Nationwide Price Per MHz-POP Statistics at End of Auction (2020 POPs):
Gross Price Per MHz-POP Net Price Per MHz-POP(1) Gross White Space Price Per MHz-POP (ALLNet) (2) Net White Space Price Per MHz-POP (ALLNet) (1)(2) Gross White Space Price Per MHz-POP (T-Mobile) (2) Net White Space Price Per MHz-POP (T-Mobile) (1)(2)
Average Across All Categories: $0.017488 $0.017134 $0.076291 $0.074747 $0.079077 $0.077477
Category C1: $0.015822 $0.015158 $0.067083 $0.064271 $0.070486 $0.067531
Category C2: $0.018239 $0.018108 $0.087149 $0.086522 $0.089067 $0.088427
Category C3: $0.020006 $0.019836 $0.072219 $0.071603 $0.074968 $0.074328
(1) Net prices account for bidding credits awarded to small businesses and rural service providers.
(2) See discussion below in regarding "white space" pricing using data from AllNet and T-Mobile.




POST-AUCTION ANALYSIS: Breakdown of Winning Bidders Across All Categories(3)
(3) For those not familiar with these bidding entities, "Cellco Partnership" is Verizon.


POST-AUCTION ANALYSIS: Bidder Summary (2010 POPs)(4)
Bidder FRN # of Markets # of Licenses POPs Covered (Encumbered+Unencumbered) % of POPs Available % of Total POPs Ave. MHz Depth Weighted Ave. MHz Depth Net Payments Net $/MHz-POP % WhiteSpace of MHz-POPs - AllNet Net $/MHz-POP-AllNet % WhiteSpace of MHz-POPs - TMo Net $/MHz-POP-TMo
T-Mobile License LLC 1565449 2,724 7,156 212,409,118 93.595% 67.896% 103.07 99.06 $304,325,290 $0.014463 23.665% $0.061115 22.954% $0.063008
PTI Pacifica Inc. 4339933 5 9 213,241 0.094% 0.068% 77.30 55.04 $17,690,000 $1.507122 NA NA NA NA
TeleGuam Holdings, LLC 11458999 2 3 162,494 0.072% 0.052% 58.25 66.66 $16,565,000 $1.529234 NA NA NA NA
Evergy Kansas Central 2340404 50 54 1,476,345 0.651% 0.472% 45.84 64.85 $12,744,400 $0.133120 15.799% $0.842562 18.636% $0.714322
Cellular South Licenses, LLC 20434767 29 38 1,005,776 0.443% 0.321% 65.41 70.18 $11,861,300 $0.168031 24.885% $0.675236 25.740% $0.652792
North American Catholic Educational Programming Fd 6686018 84 107 4,525,294 1.994% 1.446% 54.84 53.81 $7,819,867 $0.032114 17.952% $0.178886 17.480% $0.183719
LICT Wireless Broadband Company, LLC 25243858 40 46 1,327,782 0.585% 0.424% 50.65 52.84 $5,498,800 $0.078374 51.443% $0.152350 52.036% $0.150615
Smith Bagley, Inc. 2154706 5 7 407,716 0.180% 0.130% 56.70 55.81 $4,983,550 $0.218998 37.895% $0.577905 48.457% $0.451947
Granite Wireless LLC 30007280 8 8 10,593,217 4.668% 3.386% 49.50 49.50 $4,335,000 $0.008267 8.649% $0.095586 8.664% $0.095418
United States Cellular Corporation 4372322 34 34 1,027,347 0.453% 0.328% 49.53 49.51 $3,499,700 $0.068807 88.868% $0.077427 88.040% $0.078154
Broadband One of the Midwest, Inc. 1542372 35 42 921,894 0.406% 0.295% 54.11 51.47 $3,192,557 $0.067288 64.261% $0.104710 53.100% $0.126719
Nsight Spectrum, LLC 20519138 10 10 411,600 0.181% 0.132% 49.50 49.50 $2,207,450 $0.108345 60.948% $0.177765 57.862% $0.187248
Twin Lakes Telephone Cooperative Corporation 1773670 9 9 196,815 0.087% 0.063% 49.72 49.65 $2,075,445 $0.212381 93.379% $0.227439 93.861% $0.226271
Union Telephone Company 1630201 7 9 185,671 0.082% 0.059% 63.93 55.53 $1,991,465 $0.193146 64.199% $0.300856 63.853% $0.302486
Miller, David L 32379331 33 33 1,511,534 0.666% 0.483% 49.56 49.86 $1,918,605 $0.025456 52.956% $0.048069 53.020% $0.048011
Cellco Partnership 3290673 9 12 4,778,914 2.106% 1.528% 66.33 55.39 $1,515,300 $0.005725 7.363% $0.077750 1.086% $0.527184
Northwest Open Access Network 11227055 1 2 20,920 0.009% 0.007% 100.00 100.00 $1,289,450 $0.616372 0.000% $0.000000 92.223% $0.668350
Aeronet Wireless Broadband LLC 14061097 13 13 517,989 0.228% 0.166% 49.58 49.76 $1,282,500 $0.049754 23.269% $0.213824 22.652% $0.219648
DoCoMo Pacific, Inc. 4242723 3 3 53,883 0.024% 0.017% 28.17 46.14 $1,260,000 $0.506840 NA NA NA NA
Evolve 5G Consortium 17249558 25 30 605,006 0.267% 0.193% 58.36 54.24 $1,197,650 $0.036498 40.757% $0.089551 43.904% $0.083133
Central Louisiana License Co., LLC 20165619 19 22 1,373,571 0.605% 0.439% 48.95 48.48 $1,150,985 $0.017286 18.038% $0.095829 18.209% $0.094931
East Kentucky Network, LLC 1786607 27 27 599,153 0.264% 0.192% 49.72 49.76 $1,071,510 $0.035937 83.662% $0.042955 81.684% $0.043996
SAL Spectrum, LLC 17163254 15 15 321,524 0.142% 0.103% 49.63 49.93 $1,068,300 $0.066544 33.590% $0.198107 34.503% $0.192865
American Samoa Telecommunications Authority 1726488 5 15 55,519 0.024% 0.018% 117.50 117.50 $970,750 $0.148809 NA NA NA NA
Carolina West Wireless, Inc. 1940022 7 7 234,066 0.103% 0.075% 49.50 49.50 $903,295 $0.077963 69.202% $0.112659 69.439% $0.112274
Panhandle Telecommunication Systems, Inc. 1704246 3 4 28,751 0.013% 0.009% 34.33 53.75 $836,230 $0.541087 100.000% $0.541087 93.308% $0.579894
Mark Twain Communications Company 2531879 12 16 146,341 0.064% 0.047% 58.08 53.77 $539,850 $0.068601 28.530% $0.240453 28.637% $0.239552
United Wireless Communications, Inc. 12662698 9 9 114,074 0.050% 0.036% 49.50 49.50 $537,370 $0.095166 87.636% $0.108592 85.128% $0.111791
Northern Valley Communications, LLC 4364022 24 24 116,131 0.051% 0.037% 38.83 41.72 $499,290 $0.103052 60.244% $0.171059 60.654% $0.169902
OptimERA Holdings, Inc. 21762067 4 4 206,490 0.091% 0.066% 49.50 49.50 $440,250 $0.043072 90.003% $0.047856 90.334% $0.047681
BDCIH Wireless, LLC 27848175 14 14 166,928 0.074% 0.053% 47.21 44.23 $398,140 $0.053920 58.390% $0.092345 57.066% $0.094488
Agri-Valley Communications, Inc. 3778362 1 1 43,114 0.019% 0.014% 49.50 49.50 $379,100 $0.177636 43.295% $0.410296 44.663% $0.397727
Farmers Mutual Telephone Company, Inc. 4255303 2 2 53,936 0.024% 0.017% 49.50 49.50 $327,750 $0.122761 97.801% $0.125521 93.586% $0.131175
ZIRKEL Wireless, LLC 12579652 3 3 38,698 0.017% 0.012% 49.50 49.50 $300,560 $0.156905 99.917% $0.157035 99.869% $0.157112
Nex-Tech Wireless, L.L.C. 12144150 1 1 28,452 0.013% 0.009% 49.50 49.50 $283,900 $0.201580 66.667% $0.302370 65.761% $0.306534
Michigan Wireless, LLC 15680374 6 6 168,106 0.074% 0.054% 49.50 49.50 $251,855 $0.030266 82.380% $0.036740 81.534% $0.037122
RSA 1 Limited Partnership 2576411 6 6 59,518 0.026% 0.019% 49.67 49.75 $229,500 $0.077502 84.504% $0.091714 84.072% $0.092185
Nemont Communications, Inc 1637412 4 4 22,929 0.010% 0.007% 49.50 49.50 $219,895 $0.193743 56.352% $0.343806 55.288% $0.350423
Big Bend Telecom, LTD 15024946 2 2 10,216 0.005% 0.003% 49.50 49.50 $158,100 $0.312641 100.000% $0.312641 96.917% $0.322587
Xtreme Enterprises, LLC 24123366 2 2 59,438 0.026% 0.019% 49.50 49.50 $150,000 $0.050983 81.027% $0.062920 81.041% $0.062910
Mediapolis Telephone Company 2594216 4 4 95,981 0.042% 0.031% 49.50 49.50 $144,415 $0.030396 39.908% $0.076167 39.568% $0.076820
Southern Communications Services, Inc. 1835073 1 1 26,424 0.012% 0.008% 49.50 49.50 $127,000 $0.097096 66.583% $0.145826 65.743% $0.147691
Paladin Wireless LLC 25317728 6 9 74,129 0.033% 0.024% 58.42 52.96 $112,575 $0.028674 14.486% $0.197943 11.319% $0.253326
Uintah Basin Electronic Telecommunications, LLC 1601079 3 4 72,598 0.032% 0.023% 66.33 62.44 $110,840 $0.024450 52.677% $0.046416 53.338% $0.045841
SkyPacket Networks 29544491 2 2 103,299 0.046% 0.033% 49.50 49.50 $92,325 $0.018056 96.942% $0.018625 98.546% $0.018322
Nimbus Solutions 27034081 1 1 25,535 0.011% 0.008% 17.50 17.50 $86,250 $0.193012 94.126% $0.205058 95.919% $0.201225
Central Texas Communications, Inc. 4544219 1 2 110,224 0.049% 0.035% 100.00 100.00 $74,120 $0.006724 0.000% $0.000000 0.000% $0.000000
Comcell, Inc. 1649078 3 3 39,515 0.017% 0.013% 49.50 49.50 $70,500 $0.036043 40.040% $0.090017 40.689% $0.088582
City of ketchikan d/b/a Ketchikan Public Utilities 4325148 1 3 13,477 0.006% 0.004% 117.50 117.50 $68,850 $0.043478 NA NA NA NA
Rocky Mountain Broadband, LLC 14676894 2 2 24,458 0.011% 0.008% 49.50 49.50 $53,250 $0.043984 66.667% $0.065976 70.063% $0.062778
Poka Lambro Telecommunications, Ltd. 4384525 2 3 17,562 0.008% 0.006% 74.75 51.34 $48,360 $0.053633 96.737% $0.055442 96.070% $0.055827
5G Alliance Utah 29536562 4 4 37,533 0.017% 0.012% 41.50 33.64 $47,850 $0.037902 72.987% $0.051930 71.839% $0.052760
Swinehart, Kenneth D 11587961 1 1 6,711 0.003% 0.002% 49.50 49.50 $47,250 $0.142236 93.210% $0.152597 94.746% $0.150123
Cass Cable TV, Inc. 5257522 1 1 14,666 0.006% 0.005% 49.50 49.50 $17,850 $0.024588 42.009% $0.058530 42.445% $0.057929
VTel Wireless, Inc. 3645843 1 1 156,545 0.069% 0.050% 17.50 17.50 $14,535 $0.005306 0.145% $3.658911 0.214% $2.473658
Copper Valley Wireless, LLC 22505283 2 6 16,665 0.007% 0.005% 117.50 117.50 $13,005 $0.006642 25.539% $0.026006 NA NA
Comelec Services, Inc. 18993584 1 1 22,678 0.010% 0.007% 49.50 49.50 $8,250 $0.007349 34.953% $0.021026 33.604% $0.021870
8538 Green Street LLC 28676666 1 1 21,720 0.010% 0.007% 49.50 49.50 $7,350 $0.006836 6.805% $0.100463 7.017% $0.097424
SKYRIDER COMMUNICATIONS LLC 21883640 1 2 13,008 0.006% 0.004% 100.00 100.00 $6,675 $0.005131 51.292% $0.010004 50.110% $0.010240
Arctic Slope Telephone Association Cooperative, In 1570936 2 6 14,339 0.006% 0.005% 117.50 117.50 $6,290 $0.003733 NA NA NA NA
WUE, Inc. 3801362 1 2 5,345 0.002% 0.002% 100.00 100.00 $3,910 $0.007315 100.000% $0.007315 100.000% $0.007315
Cordova Telephone Cooperative, Inc. 1571181 1 3 662 0.000% 0.000% 117.50 117.50 $1,125 $0.014463 NA NA NA NA
Pathfinder Wireless Corp. 26572610 1 1 8,365 0.004% 0.003% 17.50 17.50 $727 $0.004966 2.271% $0.218647 2.232% $0.222478
(4) Please see footnotes (1), (2) and (3) above. Also, "POPs Covered" and "Ave. MHz Depth" and "Weighted Ave. MHz Depth" are based on the licenses that the FCC sold rather than unencumbered "white space" POPs only.


POST-AUCTION ANALYSIS: Bidder Summary (2020 POPs)(4)
Bidder FRN # of Markets # of Licenses POPs Covered (Encumbered+Unencumbered) % of POPs Available % of Total POPs Ave. MHz Depth Weighted Ave. MHz Depth Net Payments Net $/MHz-POP % WhiteSpace of MHz-POPs - AllNet Net $/MHz-POP-AllNet % WhiteSpace of MHz-POPs - TMo Net $/MHz-POP-TMo
T-Mobile License LLC 1565449 2,724 7,156 227,509,858 93.562% 67.899% 103.07 99.10 $304,325,290 $0.013498 22.812% $0.059170 22.023% $0.061290
PTI Pacifica Inc. 4339933 5 9 201,165 0.083% 0.060% 77.30 54.74 $17,690,000 $1.606394 NA NA NA NA
TeleGuam Holdings, LLC 11458999 2 3 155,880 0.064% 0.047% 58.25 66.77 $16,565,000 $1.591535 NA NA NA NA
Evergy Kansas Central 2340404 50 54 1,481,737 0.609% 0.442% 45.84 65.70 $12,744,400 $0.130913 14.941% $0.876174 17.566% $0.745282
Cellular South Licenses, LLC 20434767 29 38 999,753 0.411% 0.298% 65.41 71.34 $11,861,300 $0.166297 23.082% $0.720456 23.874% $0.696577
North American Catholic Educational Programming Fd 6686018 84 107 5,078,799 2.089% 1.516% 54.84 53.05 $7,819,867 $0.029026 16.868% $0.172075 16.407% $0.176914
LICT Wireless Broadband Company, LLC 25243858 40 46 1,411,987 0.581% 0.421% 50.65 54.02 $5,498,800 $0.072095 48.716% $0.147990 49.224% $0.146464
Smith Bagley, Inc. 2154706 5 7 394,473 0.162% 0.118% 56.70 55.83 $4,983,550 $0.226282 37.686% $0.600438 48.617% $0.465443
Granite Wireless LLC 30007280 8 8 10,804,744 4.443% 3.225% 49.50 49.50 $4,335,000 $0.008105 8.633% $0.093887 8.647% $0.093740
United States Cellular Corporation 4372322 34 34 1,014,545 0.417% 0.303% 49.53 49.51 $3,499,700 $0.069676 88.332% $0.078880 87.493% $0.079636
Broadband One of the Midwest, Inc. 1542372 35 42 947,552 0.390% 0.283% 54.11 51.47 $3,192,557 $0.065456 62.970% $0.103948 50.494% $0.129631
Nsight Spectrum, LLC 20519138 10 10 414,695 0.171% 0.124% 49.50 49.50 $2,207,450 $0.107537 60.849% $0.176726 57.755% $0.186195
Twin Lakes Telephone Cooperative Corporation 1773670 9 9 206,072 0.085% 0.062% 49.72 49.65 $2,075,445 $0.202865 93.834% $0.216195 94.309% $0.215106
Union Telephone Company 1630201 7 9 186,458 0.077% 0.056% 63.93 55.29 $1,991,465 $0.193166 62.059% $0.311261 61.718% $0.312980
Miller, David L 32379331 33 33 1,583,882 0.651% 0.473% 49.56 49.89 $1,918,605 $0.024278 50.221% $0.048342 50.248% $0.048317
Cellco Partnership 3290673 9 12 5,397,401 2.220% 1.611% 66.33 54.88 $1,515,300 $0.005116 7.506% $0.068157 1.101% $0.464470
Northwest Open Access Network 11227055 1 2 23,365 0.010% 0.007% 100.00 100.00 $1,289,450 $0.551872 0.000% $0.000000 92.223% $0.598411
Aeronet Wireless Broadband LLC 14061097 13 13 498,425 0.205% 0.149% 49.58 49.78 $1,282,500 $0.051693 24.237% $0.213277 23.635% $0.218712
DoCoMo Pacific, Inc. 4242723 3 3 47,322 0.019% 0.014% 28.17 46.84 $1,260,000 $0.568475 NA NA NA NA
Evolve 5G Consortium 17249558 25 30 636,730 0.262% 0.190% 58.36 54.17 $1,197,650 $0.034722 40.971% $0.084748 44.017% $0.078884
Central Louisiana License Co., LLC 20165619 19 22 1,405,759 0.578% 0.420% 48.95 48.57 $1,150,985 $0.016856 17.421% $0.096756 17.572% $0.095924
East Kentucky Network, LLC 1786607 27 27 559,034 0.230% 0.167% 49.72 49.78 $1,071,510 $0.038506 82.125% $0.046887 80.073% $0.048089
SAL Spectrum, LLC 17163254 15 15 350,660 0.144% 0.105% 49.63 49.95 $1,068,300 $0.060997 31.893% $0.191256 32.754% $0.186224
American Samoa Telecommunications Authority 1726488 5 15 49,710 0.020% 0.015% 117.50 117.50 $970,750 $0.166198 NA NA NA NA
Carolina West Wireless, Inc. 1940022 7 7 226,001 0.093% 0.067% 49.50 49.50 $903,295 $0.080745 69.459% $0.116248 69.688% $0.115866
Panhandle Telecommunication Systems, Inc. 1704246 3 4 28,729 0.012% 0.009% 34.33 55.09 $836,230 $0.528373 100.000% $0.528373 93.256% $0.566587
Mark Twain Communications Company 2531879 12 16 140,669 0.058% 0.042% 58.08 53.77 $539,850 $0.071368 28.634% $0.249244 28.736% $0.248357
United Wireless Communications, Inc. 12662698 9 9 113,304 0.047% 0.034% 49.50 49.50 $537,370 $0.095813 87.150% $0.109940 84.622% $0.113224
Northern Valley Communications, LLC 4364022 24 24 117,916 0.048% 0.035% 38.83 41.93 $499,290 $0.100978 59.840% $0.168747 60.165% $0.167834
OptimERA Holdings, Inc. 21762067 4 4 221,253 0.091% 0.066% 49.50 49.50 $440,250 $0.040198 90.267% $0.044533 90.589% $0.044374
BDCIH Wireless, LLC 27848175 14 14 187,895 0.077% 0.056% 47.21 43.83 $398,140 $0.048344 55.907% $0.086473 54.587% $0.088564
Agri-Valley Communications, Inc. 3778362 1 1 40,611 0.017% 0.012% 49.50 49.50 $379,100 $0.188584 43.295% $0.435584 44.663% $0.422240
Farmers Mutual Telephone Company, Inc. 4255303 2 2 56,957 0.023% 0.017% 49.50 49.50 $327,750 $0.116249 97.663% $0.119031 93.386% $0.124482
ZIRKEL Wireless, LLC 12579652 3 3 39,500 0.016% 0.012% 49.50 49.50 $300,560 $0.153719 99.914% $0.153851 99.876% $0.153910
Nex-Tech Wireless, L.L.C. 12144150 1 1 28,934 0.012% 0.009% 49.50 49.50 $283,900 $0.198222 66.667% $0.297333 65.761% $0.301427
Michigan Wireless, LLC 15680374 6 6 170,968 0.070% 0.051% 49.50 49.50 $251,855 $0.029760 82.270% $0.036173 81.420% $0.036551
RSA 1 Limited Partnership 2576411 6 6 56,230 0.023% 0.017% 49.67 49.76 $229,500 $0.082027 84.492% $0.097082 84.030% $0.097616
Nemont Communications, Inc 1637412 4 4 23,572 0.010% 0.007% 49.50 49.50 $219,895 $0.188458 56.092% $0.335980 55.010% $0.342587
Big Bend Telecom, LTD 15024946 2 2 10,306 0.004% 0.003% 49.50 49.50 $158,100 $0.309911 100.000% $0.309911 96.866% $0.319938
Xtreme Enterprises, LLC 24123366 2 2 57,441 0.024% 0.017% 49.50 49.50 $150,000 $0.052755 80.805% $0.065287 80.819% $0.065275
Mediapolis Telephone Company 2594216 4 4 97,119 0.040% 0.029% 49.50 49.50 $144,415 $0.030040 39.773% $0.075529 39.419% $0.076208
Southern Communications Services, Inc. 1835073 1 1 27,957 0.011% 0.008% 49.50 49.50 $127,000 $0.091772 66.583% $0.137829 65.743% $0.139592
Paladin Wireless LLC 25317728 6 9 73,395 0.030% 0.022% 58.42 52.57 $112,575 $0.029179 14.912% $0.195669 11.504% $0.253648
Uintah Basin Electronic Telecommunications, LLC 1601079 3 4 75,628 0.031% 0.023% 66.33 62.59 $110,840 $0.023418 52.027% $0.045011 52.731% $0.044410
SkyPacket Networks 29544491 2 2 95,044 0.039% 0.028% 49.50 49.50 $92,325 $0.019624 96.926% $0.020246 98.491% $0.019925
Nimbus Solutions 27034081 1 1 25,849 0.011% 0.008% 17.50 17.50 $86,250 $0.190668 94.126% $0.202567 95.919% $0.198781
Central Texas Communications, Inc. 4544219 1 2 120,003 0.049% 0.036% 100.00 100.00 $74,120 $0.006177 0.000% $0.000000 0.000% $0.000000
Comcell, Inc. 1649078 3 3 38,655 0.016% 0.012% 49.50 49.50 $70,500 $0.036845 39.656% $0.092910 40.272% $0.091491
City of ketchikan d/b/a Ketchikan Public Utilities 4325148 1 3 13,948 0.006% 0.004% 117.50 117.50 $68,850 $0.042010 NA NA NA NA
Rocky Mountain Broadband, LLC 14676894 2 2 24,794 0.010% 0.007% 49.50 49.50 $53,250 $0.043388 66.667% $0.065082 70.068% $0.061922
Poka Lambro Telecommunications, Ltd. 4384525 2 3 17,563 0.007% 0.005% 74.75 51.31 $48,360 $0.053660 96.786% $0.055441 96.113% $0.055830
5G Alliance Utah 29536562 4 4 39,418 0.016% 0.012% 41.50 33.59 $47,850 $0.036137 72.869% $0.049592 71.723% $0.050385
Swinehart, Kenneth D 11587961 1 1 6,820 0.003% 0.002% 49.50 49.50 $47,250 $0.139963 93.210% $0.150158 94.746% $0.147724
Cass Cable TV, Inc. 5257522 1 1 13,086 0.005% 0.004% 49.50 49.50 $17,850 $0.027557 42.009% $0.065597 42.445% $0.064923
VTel Wireless, Inc. 3645843 1 1 168,323 0.069% 0.050% 17.50 17.50 $14,535 $0.004934 0.145% $3.402887 0.214% $2.300570
Copper Valley Wireless, LLC 22505283 2 6 16,527 0.007% 0.005% 117.50 117.50 $13,005 $0.006697 25.974% $0.025784 NA NA
Comelec Services, Inc. 18993584 1 1 22,035 0.009% 0.007% 49.50 49.50 $8,250 $0.007564 34.953% $0.021640 33.604% $0.022508
8538 Green Street LLC 28676666 1 1 21,291 0.009% 0.006% 49.50 49.50 $7,350 $0.006974 6.805% $0.102488 7.017% $0.099387
SKYRIDER COMMUNICATIONS LLC 21883640 1 2 11,395 0.005% 0.003% 100.00 100.00 $6,675 $0.005858 51.292% $0.011421 50.110% $0.011690
Arctic Slope Telephone Association Cooperative, In 1570936 2 6 14,903 0.006% 0.004% 117.50 117.50 $6,290 $0.003592 NA NA NA NA
WUE, Inc. 3801362 1 2 4,499 0.002% 0.001% 100.00 100.00 $3,910 $0.008691 100.000% $0.008691 100.000% $0.008691
Cordova Telephone Cooperative, Inc. 1571181 1 3 662 0.000% 0.000% 117.50 117.50 $1,125 $0.014463 NA NA NA NA
Pathfinder Wireless Corp. 26572610 1 1 7,974 0.003% 0.002% 17.50 17.50 $727 $0.005210 2.271% $0.229368 2.232% $0.233387
(4) Please see footnotes (1), (2) and (3) above. Also, "POPs Covered" and "Ave. MHz Depth" and "Weighted Ave. MHz Depth" are based on the licenses that the FCC sold rather than unencumbered "white space" POPs only.

POST-AUCTION ANALYSIS: LICENSE HOLDINGS IN 25 LARGEST COUNTIES(4)
(4) Please see footnote (3) above.


POST-AUCTION ANALYSIS: Demand Reduction by Bidder In Each Round (in $)(4)
(4) Please see footnote (3) above.


POST-AUCTION ANALYSIS: Maps of Licenses Won By Key Bidders(5)
(5)Spectrum depths are based on what the FCC sold rather than limited to to just unencumbered "white space" spectrum. All regular and "white space" prices shown on map when you click on a county are at county-level. Also, all prices are on a net basis.


T-Mobile Licenses Won (Across All Categories)

Verizon (Cellco) Licenses Won (Across All Categories)


N. America Catholic Ed. Programmming Fd. Licenses Won (Across All Categories)

Evergy Kansas Central Licenses Won (Across All Categories)


LICT Wireless Licenses Won (Across All Categories)

US Cellular Licenses Won (Across All Categories)







CLOCK STAGE ANALYSIS: Auction 108 Summary (2500 MHz Band)

General Auction Statistics at End of Round 73:
Qualified Bidders (Clock Phase): 82
Products with Demand > Supply: 0
Products with Demand = Supply: 7872
Products with Demand < Supply: 145
Products with No Demand:
(subset of Products with Demand < Supply)
145
Total Provisionally Sold Products: 7872
Total Unsold Products: 145

County-Level Statistics at the End of Round 73:
Counties with Demand > Supply: 0
Counties with Demand = Supply: 2746
Counties with Demand < Supply: 58
Counties with No Demand:
(subset of Counties with Demand < Supply)
44
Largest County (by Population) with Demand Change: Guam
Nationwide Gross Proceeds by Category at End of Round 73:
All Categories $427,789,670
Category C1: $158,163,010
Category C2: $203,970,300
Category C3: $65,656,360

Minimum Proceeds Required to Purchase One Block Nationwide at End of Round 73:
Any Category: $66,370,430




Nationwide Price Per MHz-POP Statistics at End of Round 73:(6)
Based on 2010 Census Data Based on 2020 Census Data(7)
Average Across All Categories: $0.018701 $0.017488
Category C1: $0.016926 $0.015822
Category C2: $0.019514 $0.018239
Category C3: $0.021328 $0.020006
(6) The prices per MHz-POP provided on this site assumes that the all POPs within these county-sized licenses are unencumbered.
As an overlay auction, this is the approach the FCC took. This is not the price per MHz-POP based on truly unencumbered MHz-POPs which is captured in our new "white space" analysis.
Please read the UPDATED section below called "Deep Dive: Channel Availability in 2.5 GHz Overlay Licenses" for additional details.
(7) Because the FCC released its data for this auction using 2010 Census Data,
we use 2010 Census population estimates except where explicitly stated otherwise (as is the case here).
Price Comparison Only in Counties with All Categories Available at End of Round 73:
Based on 2010 Census Data
Category C1: $0.018626
Category C2: $0.022581
Category C3: $0.020806



Nationwide "White Space" Price Per MHz-POP Statistics at End of Round 73:(using ALLNET Data)(8)
Based on 2010 Census Data Based on 2020 Census Data
Average Across All Categories: $0.078627 $0.076291
Category C1: $0.069174 $0.067083
Category C2: $0.089722 $0.087149
Category C3: $0.074532 $0.072219
(8) The "White Space" prices per MHz-POP provided here are a new addition that are calculated using white space availability
percentages from AllNet Insights and Analytics.
These prices include only those MHz-POPs that are unencumbered.
Please read the UPDATED section below called "Deep Dive: Channel Availability in 2.5 GHz Overlay Licenses"
for additional details on how to interpret this data from AllNet.
Nationwide "White Space" Price Per MHz-POP Statistics at End of Round 73: (using T-Mobile Data)(9)
Based on 2010 Census Data Based on 2020 Census Data
Average Across All Categories: $0.081101 $0.079077
Category C1: $0.072269 $0.070486
Category C2: $0.091346 $0.089067
Category C3: $0.076943 $0.074968
(9) The "White Space" prices per MHz-POP provided here are a new addition that are calculated using white space availability data derived from MHz-POP figures submitted in the record by T-Mobile and which I converted into percentages.
These prices include only those MHz-POPs that are unencumbered.
Please read the UPDATED section below called "Deep Dive: Channel Availability in 2.5 GHz Overlay Licenses"
for additional details on how to interpret this data from T-Mobile.




Snapshot of Aggregate Demand

(A Preview of Demand Analysis Below)





Price Per MHz-POP Analysis
Average Price Per MHz-POP in Each County after Round 73: (average across all categories in each county)



Price Per MHz-POP for All Products in 20 Largest Counties by Population after Round 73:(10)
fips_code county_name state population category aggregate_demand posted_price supply gross_proceeds price_mhz_pop ws_price_mhz_pop_AllNet ws_price_mhz_pop_TMo
06037 Los Angeles CA 9,818,605 C1 1 $2,900,000 1 $2,900,000 $0.005967 $0.282072 $0.271662
06037 Los Angeles CA 9,818,605 C2 1 $2,900,000 1 $2,900,000 $0.005849 $0.350404 $0.337902
06037 Los Angeles CA 9,818,605 C3 1 $900,000 1 $900,000 $0.005238 $0.376275 $0.363546
17031 Cook IL 5,194,675 C1 0 $1,500,000 1 $0 $0.000000 $0.000000 $0.000000
17031 Cook IL 5,194,675 C2 0 $1,500,000 1 $0 $0.000000 $0.000000 $0.000000
17031 Cook IL 5,194,675 C3 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
48201 Harris TX 4,092,459 C1 0 $1,200,000 1 $0 $0.000000 $0.000000 $0.000000
48201 Harris TX 4,092,459 C2 0 $1,200,000 1 $0 $0.000000 $0.000000 $0.000000
48201 Harris TX 4,092,459 C3 0 $400,000 1 $0 $0.000000 $0.000000 $0.000000
04013 Maricopa AZ 3,817,117 C1 1 $1,100,000 1 $1,100,000 $0.005822 $0.062616 $0.445248
04013 Maricopa AZ 3,817,117 C2 1 $1,100,000 1 $1,100,000 $0.005706 $0.114327 $0.335455
04013 Maricopa AZ 3,817,117 C3 1 $300,000 1 $300,000 $0.004491 $0.566182 $0.545862
06073 San Diego CA 3,095,313 C1 0 $900,000 1 $0 $0.000000 $0.000000 $0.000000
06073 San Diego CA 3,095,313 C2 0 $900,000 1 $0 $0.000000 $0.000000 $0.000000
06073 San Diego CA 3,095,313 C3 1 $300,000 1 $300,000 $0.005538 $2.440964 $2.547966
12086 Miami-Dade FL 2,496,435 C1 0 $700,000 1 $0 $0.000000 $0.000000 $0.000000
12086 Miami-Dade FL 2,496,435 C2 1 $700,000 1 $700,000 $0.005552 $0.453616 $0.390183
12086 Miami-Dade FL 2,496,435 C3 1 $294,000 1 $294,000 $0.006730 $0.065346 $0.056210
06065 Riverside CA 2,189,641 C1 0 $600,000 1 $0 $0.000000 $0.000000 $0.000000
06065 Riverside CA 2,189,641 C2 1 $600,000 1 $600,000 $0.005426 $0.423373 $0.446312
06065 Riverside CA 2,189,641 C3 1 $200,000 1 $200,000 $0.005219 $0.397737 $0.419930
06071 San Bernardino CA 2,035,210 C1 1 $600,000 1 $600,000 $0.005956 $0.730477 $0.755616
06071 San Bernardino CA 2,035,210 C2 1 $600,000 1 $600,000 $0.005838 $0.572631 $0.598392
06071 San Bernardino CA 2,035,210 C3 1 $200,000 1 $200,000 $0.005615 $0.333292 $0.344282
32003 Clark NV 1,951,269 C1 1 $500,000 1 $500,000 $0.005177 $0.441593 $0.463146
32003 Clark NV 1,951,269 C2 1 $500,000 1 $500,000 $0.005074 $0.397319 $0.426964
32003 Clark NV 1,951,269 C3 1 $100,000 1 $100,000 $0.002928 $0.284406 $0.329185
53033 King WA 1,931,249 C1 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
53033 King WA 1,931,249 C2 1 $500,000 1 $500,000 $0.005127 $12.835434 $13.852391
53033 King WA 1,931,249 C3 1 $100,000 1 $100,000 $0.002959 $7.558512 $7.994809
06085 Santa Clara CA 1,781,642 C1 1 $500,000 1 $500,000 $0.005669 $0.653688 $0.585733
06085 Santa Clara CA 1,781,642 C2 1 $500,000 1 $500,000 $0.005557 $1.391039 $1.263079
12011 Broward FL 1,748,066 C1 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
12011 Broward FL 1,748,066 C2 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
12011 Broward FL 1,748,066 C3 0 $100,000 1 $0 $0.000000 $0.000000 $0.000000
48029 Bexar TX 1,714,773 C1 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
48029 Bexar TX 1,714,773 C2 0 $500,000 1 $0 $0.000000 $0.000000 $0.000000
48029 Bexar TX 1,714,773 C3 1 $100,000 1 $100,000 $0.003332 $0.417711 $0.477421
25017 Middlesex MA 1,503,085 C1 0 $400,000 1 $0 $0.000000 $0.000000 $0.000000
25017 Middlesex MA 1,503,085 C2 0 $400,000 1 $0 $0.000000 $0.000000 $0.000000
25017 Middlesex MA 1,503,085 C3 1 $100,000 1 $100,000 $0.003802 $0.777192 $0.807755
36103 Suffolk NY 1,493,350 C1 1 $400,000 1 $400,000 $0.005411 $0.118992 $0.119039
36103 Suffolk NY 1,493,350 C2 1 $400,000 1 $400,000 $0.005304 $0.115002 $0.115052
36103 Suffolk NY 1,493,350 C3 1 $100,000 1 $100,000 $0.003826 $0.086924 $0.085928
06067 Sacramento CA 1,418,788 C1 0 $400,000 1 $0 $0.000000 $0.000000 $0.000000
06067 Sacramento CA 1,418,788 C2 0 $400,000 1 $0 $0.000000 $0.000000 $0.000000
12099 Palm Beach FL 1,320,134 C1 1 $300,000 1 $300,000 $0.004591 $0.297833 $0.316459
12099 Palm Beach FL 1,320,134 C2 1 $300,000 1 $300,000 $0.004500 $0.215101 $0.228762
12099 Palm Beach FL 1,320,134 C3 1 $100,000 1 $100,000 $0.004329 $0.205942 $0.221086
26125 Oakland MI 1,202,362 C1 1 $300,000 1 $300,000 $0.005041 $0.054187 $2.853694
26125 Oakland MI 1,202,362 C2 1 $300,000 1 $300,000 $0.004941 $0.668062 $2.797186
26125 Oakland MI 1,202,362 C3 1 $100,000 1 $100,000 $0.004753 $2.390919 $2.690604
12095 Orange FL 1,145,956 C1 1 $300,000 1 $300,000 $0.005289 $19.219719 $21.123855
12095 Orange FL 1,145,956 C2 1 $300,000 1 $300,000 $0.005184 $317.061987 $348.543611
06013 Contra Costa CA 1,049,025 C1 1 $300,000 1 $300,000 $0.005777 $0.126767 $0.130038
06013 Contra Costa CA 1,049,025 C2 1 $300,000 1 $300,000 $0.005663 $0.071934 $0.073743
(10) The "White Space" (or "WS") prices per MHz-POP provided on this site are calculated using white space availability percentages from AllNet Insights and Analytics and
separately derived from data provided by T-Mobile.
These prices include only those MHz-POPs that are unencumbered.
Please read the UPDATED section below called "Deep Dive: Channel Availability in 2.5 GHz Overlay Licenses"
for additional details on how to interpret this data.




20 Most Expensive Counties by Price Per MHz-POP after Round 73: (ave. for all categories)
fips_code county_name population price_mhz_pop
66010 Guam 159,358 $1.735154
28055 Issaquena 1,406 $1.625253
49009 Daggett 1,059 $1.575151
46021 Campbell 1,466 $1.433340
48443 Terrell 984 $1.280055
46049 Faulk 2,364 $1.220074
46089 McPherson 2,459 $1.172938
47027 Clay 7,861 $1.127462
20031 Coffey 8,601 $1.051832
46107 Potter 2,329 $0.978961
46045 Edmunds 4,071 $0.921724
29103 Knox 4,131 $0.861492
20017 Chase 2,790 $0.837886
35006 Cibola 27,213 $0.837522
69120 Tinian 3,136 $0.835866
60040 Swains Island 17 $0.750939
40025 Cimarron 2,475 $0.701139
29087 Holt 4,912 $0.689583
46129 Walworth 5,438 $0.647766
53049 Pacific 20,920 $0.646027
20 Most Expensive Counties by "White Space" Price Per MHz-POP after Round 73: (ave. for all categories using AllNet Data)(11)
fips_code county_name population ws_price_mhz_pop
72053 Fajardo 36,993 $4,595.10
12083 Marion 331,298 $2,804.00
12097 Osceola 268,685 $957.58
40125 Pottawatomie 69,442 $857.20
48329 Midland 136,872 $765.55
31109 Lancaster 285,407 $680.68
47149 Rutherford 262,604 $595.76
48453 Travis 1,024,266 $496.50
41051 Multnomah 735,334 $159.99
06081 San Mateo 718,451 $142.86
48135 Ector 137,130 $127.67
55089 Ozaukee 86,395 $121.58
35001 Bernalillo 662,564 $116.45
46013 Brown 36,531 $104.79
29113 Lincoln 52,566 $93.62
72125 San Germán 35,527 $82.26
13277 Tift 40,118 $77.37
39097 Madison 43,435 $68.09
49013 Duchesne 18,607 $66.81
41071 Yamhill 99,193 $65.16
(11))For this analysis, we have removed those counties that are fully encumbered (by MHz-POPs) but still received bids.
For some counties, the unencumbered MHz-POPs are very small, so the Price Per MHz-POP will be very high.

20 Most Expensive Products by Price Per MHz-POP after Round 73: (any category)

fips_code county_name state population category aggregate_demand posted_price gross_proceeds price_mhz_pop
28055 Issaquena MS 1,406 C2 1 $227,000 $227,000 $3.197048
48443 Terrell TX 984 C3 1 $51,000 $51,000 $2.961672
29087 Holt MO 4,912 C3 1 $250,000 $250,000 $2.908329
20003 Anderson KS 8,102 C3 1 $368,000 $368,000 $2.595479
20131 Nemaha KS 10,178 C3 1 $446,000 $446,000 $2.504000
20107 Linn KS 9,656 C3 1 $405,000 $405,000 $2.396733
49009 Daggett UT 1,059 C2 1 $127,000 $127,000 $2.374742
66010 Guam GU 159,358 C3 1 $5,740,000 $5,740,000 $2.058259
66010 Guam GU 159,358 C2 1 $16,029,000 $16,029,000 $1.991779
46021 Campbell SD 1,466 C2 1 $140,000 $140,000 $1.891049
20121 Miami KS 32,787 C3 1 $1,060,000 $1,060,000 $1.847422
20117 Marshall KS 10,117 C3 1 $303,000 $303,000 $1.711405
60040 Swains Island AS 17 C3 1 $500 $500 $1.680672
29103 Knox MO 4,131 C3 1 $115,000 $115,000 $1.590760
46049 Faulk SD 2,364 C2 1 $187,000 $187,000 $1.566400
46089 McPherson SD 2,459 C2 1 $187,000 $187,000 $1.505885
29185 St. Clair MO 9,805 C3 1 $250,000 $250,000 $1.456983
46021 Campbell SD 1,466 C3 1 $36,900 $36,900 $1.438316
20031 Coffey KS 8,601 C1 1 $600,000 $600,000 $1.409279
29005 Atchison MO 5,685 C3 1 $140,000 $140,000 $1.407212

20 Most Expensive Products by "White Space" Price Per MHz-POP after Round 73: (any category using AllNet Data)(12)
fips_code county_name state population category aggregate_demand posted_price gross_proceeds ws_price_mhz_pop
12083 Marion FL 331,298 C2 1 $90,000 $90,000 $24,451.732522
40125 Pottawatomie OK 69,442 C2 1 $20,000 $20,000 $7,504.172432
72053 Fajardo PR 36,993 C1 1 $85,100 $85,100 $5,674.412544
72053 Fajardo PR 36,993 C2 1 $13,000 $13,000 $2,046.696772
12083 Marion FL 331,298 C1 1 $90,000 $90,000 $1,487.277919
12097 Osceola FL 268,685 C2 1 $80,000 $80,000 $1,427.595386
72097 Mayagüez PR 89,080 C3 1 $171,000 $171,000 $1,199.745511
31109 Lancaster NE 285,407 C2 1 $80,000 $80,000 $1,142.083137
48329 Midland TX 136,872 C1 1 $40,000 $40,000 $807.649265
48329 Midland TX 136,872 C2 1 $40,000 $40,000 $791.656210
48453 Travis TX 1,024,266 C2 1 $300,000 $300,000 $769.211510
12097 Osceola FL 268,685 C1 1 $80,000 $80,000 $606.358813
48453 Travis TX 1,024,266 C1 1 $300,000 $300,000 $606.252415
47149 Rutherford TN 262,604 C2 1 $70,000 $70,000 $595.760360
48329 Midland TX 136,872 C3 1 $10,000 $10,000 $571.123409
31109 Lancaster NE 285,407 C1 1 $80,000 $80,000 $484.816425
40125 Pottawatomie OK 69,442 C1 1 $20,000 $20,000 $454.561455
49049 Utah UT 516,564 C3 1 $50,000 $50,000 $357.072498
12095 Orange FL 1,145,956 C2 1 $300,000 $300,000 $317.061987
29113 Lincoln MO 52,566 C2 1 $17,000 $17,000 $283.363673
(12)For this analysis, we have removed those products that are fully encumbered (by MHz-POPs) but still received bids.
For some products, the unencumbered MHz-POPs are very small, so the Price Per MHz-POP will be very high.




UPDATED Deep Dive: Channel Availability in 2.5 GHz Overlay Licenses
The FCC is selling county-sized overlay licenses in the 2.5 GHz (2496–2690 MHz) band in this auction. In each county, up to three categories of licenses will be made available. Category C1 licenses total 49.5 MHz in size, currently consisting of nine 5.5 MHz channels. Category C2 licenses total 50.5 MHz in size, currently consisting of twenty channels between 0.33 MHz, 5 MHz and 6 MHz in size. Category C3 licenses total 17.5 MHz in size, consisting of three 0.33 MHz-channels and three 5 MHz-channels. The 5 MHz-channels are discontiguous from the 0.33 MHz-channels in these Category C3 licenses.

The FCC is selling these county-sized overlay licenses in each category unless the current incumbents cover 100% of the area of the county. The FCC considers these licenses as "fully-encumbered" and not for sale. Roughly 72% of the U.S. population will have at least one overlay license available for sale in this auction. However, as overlay licenses, winning bidders may not get full access to these spectrum licenses. Because incumbents still have a right to operate in these bands, the winning bidders will either have to avoid and protect incumbent operations or negotiate for their removal. This is why this auction is sometimes called a "white space" auction and the FCC calls these "encumbered" licenses.

The FCC has provided very nice maps of the current incumbents in each category of the 2.5 GHz band and the number of channels encumbered. We show them below, but interactive versions these maps and helpful legends can be found on the FCC's Auction 108 Mapping Tool.


FCC Encumbrance Maps
Here is the FCC's map of Category C1 (or Block 1) licenses color coded by the number of channels encumbered by current incumbents.
Here is the FCC's map of Category C2 (or Block 2) licenses color coded by the number of channels encumbered by current incumbents.
Here is the FCC's map of Category C3 (or Block 3) licenses color coded by the number of channels encumbered by current incumbents.

Finally, the FCC also provided information regarding pending Rural Tribal Applications, whose applications if accepted, would further reduce the spectrum available in counties that cover tribal areas.

At the start of the auction, we told you that we took FCC shape files to calculate the level of encumbrance that each license faces on a population basis. In particular, we intersected the "collapsed" FCC shape files of the licenses and tribal applications provided in the Auction 108 Mapping Tool with 2 x 2 km cell population data (2010 Census)(13) to determine the population-weighted average number of channels in each county license that would be encumbered. We used the population-weighted number of channels encumbered to classify licenses in each category into "encumbrance classifications" that we can then use in more granular pricing analysis.
(13) Using 2020 Census data, we found that the percentages are very similar so we stuck with the same data as the FCC is using.

But as we noted previously, one cannot easily translate these encumbrance classifications into revised price per MHz-POP figures. This is because the FCC shapefiles provided information regarding the number of channels encumbered inside each license, but not which channel. This is a problem because each channel in the C2 and C3 blocks are not the same size. Nevertheless, the encumbrance analysis provided to date clearly shows that bidders are preferring to pay more for licenses that face less encumbrances...not surprisingly. A few subscribers, however, continue to ask me to provide prices based on just the fully unencumbered MHz-POPs (or "white spaces") inside each license.

Well, those subscribers are in luck.

AllNet Insights and Analytics, who has a great spectrum dashboard tool and who has been tracking the 2.5 GHz band for quite a few years, has graciously provided its estimates of the number of MHz-POPs the are unencumbered for each license...saving me at least a weekend of work. With this data, we are now able to provide pricing analysis for each license based on the unencumbered MHz-POPs. We have inserted this pricing analysis throughout the site with the label "White Space" or "WS" Prices.

I have also subsequently added white space estimates from T-Mobile, which were submitted in the proceeding. This was done after some subscribers indicated that T-Mobile's white space estimates were also valuable as a secondary data point. T-Mobile submitted its estimated number of unencumbered MHz-POPs in each license using 2020 Census data. I converted these numbers into percentages which I then applied to both my 2010 and 2020 numbers so that I can have a complete set of data. I have indicated in footnotes throughout the site which data set was used for my white space analysis.

As with the prior encumbrance classification analysis, several important caveats are necessary:

(1) To be conservative, AllNet's white space percentages assume that every tribal application will be granted regardless of current status. I believe this to be the case with T-Mobile's data as well.

(2) AllNet's white space percentages are estimates and people should do their own analysis. For example, with the intersection analysis that we did with the FCC-provided shape files for the C1 licenses (which are all the same size), our nationwide "white space" price for C1 licenses currently varies from the prices we get using AllNet's percentages by just under 10%. I suspect that some of the difference is due to (a) the fact we are using 2x2 km cell sizes to intersect with the shape files rather than something more granular,(b) perhaps some difference in the licenses which were included or the shape of these licenses, and (c) rounding. Nevertheless, we believe AllNet's percentages are probably best independent estimates available right now.

(3) T-Mobile's white space percentages are also estimates and people should do their own analysis. For example, I noticed that although T-Mobile said that they were using 2020 Census estimates, some counties had more MHz-POPs available then would be possible based on those numbers. I had to cap those white space percentages at 100% under my methodolgy. In addition, T-Mobile's data did not include Alaska or the US Pacific Territories (e.g., Guam, American Samoa).

(4) These "White Space Prices" assume zero value to encumbered MHz-POPs despite this auction making available overlay licenses over the entire county. As bidders are buying licenses even when the MHz-POPs are nearly 100% encumbered (and in some cases 100% encumbered), this "white space" approach has some obvious limitations. For example, the price per MHz-POP for some licenses that are heavily encumbered will be skewed to very large values. I have noted this caveat in several places on the website, but it is worth mentioning again.

To prevent confusion, I have removed the prior encumbrance classification map and replaced with a map that shows the white space availability percentages using AllNet's data immediately below. I have also included these percentages in the table that visitors can download at the bottom of the page. However, for continuity, I will leave a few charts that used the prior encumbrance classifications as well.


White Space Percentages for All Categories of Licenses:



PRIOR ENCUMBRANCE CLASSIFICATION ANALYSIS:

Category Min % of Channels Encumbered (weighted by POPs) Max % of Channels Encumbered (weighted by POPs) Encumbrance Classification
Category C1 0% 0% C1 - 0
Category C1 > 0% < 50% (or 4.5 channels) C1 - 50
Category C1 >= 50% (or 4.5 channels) < 75% (or 6.75 channels) C1 - 75
Category C1 >= 75% (or 6.75 channels) <= 100% (or 9.0 channels) C1 - 100
Category C2 0% 0% C2 - 0
Category C2 > 0% < 50% (or 10.0 channels) C2 - 50
Category C2 >= 50% (or 10.0 channels) < 75% (or 15.0 channels) C2 - 75
Category C2 >= 75% (or 15.0 channels) <= 100% (or 20.0 channels) C2 - 100
Category C3 0% 0% C3 - 0
Category C3 > 0% < 50% (or 3.0 channels) C3 - 50
Category C3 >= 50% (or 3.0 channels) < 75% (or 4.5 channels) C3 - 75
Category C3 >= 75% (or 4.5 channels) <= 100% (or 6.0 channels) C3 - 100


Below is some analysis based on these encumbrance classifications. While not a recalculation of MHz-POPs, the data demonstrates how level of impairment can impact pricing.

Gross Proceeds and Price Per MHz-POP By Encumbrance Classification after Round 73:
Encumbrance Classification Gross Proceeds Price MHz POP
C1 - 0 $29,519,910 $0.080568
C1 - 50 $58,431,350 $0.037840
C1 - 75 $24,471,240 $0.017597
C1 - 100 $45,740,510 $0.007569
C2 - 0 $37,434,820 $0.112279
C2 - 50 $75,171,930 $0.051244
C2 - 75 $32,198,170 $0.024818
C2 - 100 $59,165,380 $0.008044
C3 - 0 $21,062,890 $0.066973
C3 - 50 $24,471,230 $0.047005
C3 - 75 $5,246,990 $0.028090
C3 - 100 $14,875,250 $0.007233





Additional Round-by-Round Analysis


**NEW WHITE SPACE PRICING ANALYSIS (USING ALLNET DATA)**









3D Map of Gross Proceeds by Category in Each County after Round 73



Treemap of Gross Proceeds in Highest Grossing Counties (Above $500K Threshold) after Round 73: (sum across all categories)




Demand Analysis
Excess or Net Demand (Demand-Supply) in Each County after Round 73:
(across all categories in each county)


Change in Demand in Round 73 from Prior Round in Each County:
(across all categories in each county)

20 Counties with the Largest Excess Demand after Round 73:
(across all categories in each county)

fips_code county_name population aggregate_demand supply excess_demand

20 Counties with Largest Absolute Change in Demand after Round 73
from Prior Round:
(across all categories in each county)

fips_code county_name population aggregate_demand demand_change
66010 Guam 159,358 3 -1



Change in Aggregate Demand in 100 Largest Counties by Round: (across all categories)
(Double click on legend to switch to a different county)

20 Counties with Largest Absolute Change in Demand in Category C1 after Round 73
from Prior Round:

fips_code county_name category population aggregate_demand demand_change

20 Counties with Largest Absolute Change in Demand in Category C2 after Round 73
from Prior Round:

fips_code county_name category population aggregate_demand demand_change
20 Counties with Largest Absolute Change in Demand in Category C3 after Round 73
from Prior Round:

fips_code county_name category population aggregate_demand demand_change
66010 Guam C3 159,358 1 -1





Tracking Auction 108's Progress Toward Completion after Round 73

NOTE: Because the prior non-logarithmic chart is somewhat skewed by the large excess demand in the early rounds, we have repeated the chart above taking the log (base 10) of the values on both axeses:


NOTE: This next chart looks at changes in excess demand in dollars after removing the impact of round price increases. Please note negative scale. Also, this chart is not relevant for Round 1 because there are no prior rounds.






Comparing Auction 108's Progress to Prior FCC Auctions after Round 73

The chart below tracks auction progress (using the metric of excess demand as a percent of aggregate demand) against other recent prior FCC auctions.

NOTE: Any comparison between Auction 97 (the AWS-3 auction and an SMRA auction) and the other auctions shown (which are all clock auctions) needs several important caveats. SMRAs have a fundamentally different structures from clocks auctions (e.g., SMRAs allow bidders to bid for specific licenses whereas in clock auctions you bid for generic blocks; SMRAs determine provisional winners after reach round whereas clock auctions just determine aggregate demand at the end of each round). Participants in an SMRA also face different rules regarding the exiting of accepted bid (e.g., a provisionally winning bidder in an SMRA is allowed to submit a withdrawal bid subject to a withdrawal penalty whereas in a clock auction a bidder may not withdraw a bid once demand equals supply). Finally, in SMRAs, bidders do not need to affirmatively bid in every round for licenses that they have provisionally won as they will have an opportunity to bid again in the next round if their provisionally winning bid is outbid in the current round. These differences make any direct comparisons difficult. Nevertheless, with all these caveats in mind and using a simple moving average to “smooth” the variations in demand that you see from round-to-round in an SMRA, I thought that it might still be interesting to make a comparison between Auction 97 and this auction.





Fun: Comparing Current County Prices to Predicted Prices at the PEA-Level Based on Prior FCC Auctions after Round 73

In the bubble graph below, we attempt to track how current prices of the 100 largest counties mapped into their corresponding PEAs (on a price per MHz pop basis) compare to their "Predicted Price" based on past FCC auctions. To accomplish this comparison, we need to introduce the concept of the "Overprice Ratio". This Overprice Ratio is the current price of each county's PEA divided by the Predicted Price for that PEA.

This Predicted Price for any county license is calculated by first identifying its relevant PEA and then classifying each PEA into its relevant REAG (an FCC licensing schema that divides the country into 6 regions) and then identifying a "Reference Market" for that REAG. Typically, the Reference Market for each REAG is the largest PEA by population (with the exception of the Southeast REAG where we selected Atlanta as its Reference Market rather than Washington DC, which we have reclassified as being in the Northeast REAG). For those PEAs that are Reference Markets, we use the New York PEA (the "Nationwide Reference Market") as their Reference Market. We then take the current price for each Reference Market and multiply it by the historical ratio of auction prices between each PEA and its Reference Market to get the Predicted Price.

The y-axis on the left shows the log (base 10) of the "Overprice Ratio." We take the log of the Overprice Ratio to lessen the impact of outliers. By definition, the New York PEA (shown in the graph as the biggest bubble in dark blue below), as the Nationwide Reference Market, will always remain at y=0 (the horizontal green line in the graph below). The y-axis on the right side of the graph tracks the current price for New York PEA (based on all the counties that fall into it) after the latest round and is adjusted so that New York PEA's price always remains on the green horizontal line in the graph below.

The x-axis shows aggregate demand in each county (regardless of category) after the latest round. There is a vertical green line where aggregate demand equals 3. This the maximum number of licenses available for sale in each county. Thus, if the bubble shows up to the right of this green vertical line, aggregate demand in this county is greater than supply. The bubbles representing the counties are sized based on their population and color-coded based on the PEA that they fall in.

Example:
Pick San Diego County. It falls into the San Diego PEA (which only has one county in the PEA ). Its Reference Market is Los Angeles.

Suppose
San Diego County current aggregate demand = 10
San Diego current price (average across categories) = $0.50
Los Angeles current price (average across categories) = $0.75
Historical ratio (San Diego/Los Angeles) = 1.09784

Compute
San Diego current Predicted Price = $0.75 * 1.09784 = $0.82338
San Diego Overprice Ratio = $0.50 / $0.82338 = 0.607253
San Diego logarithmic-scaled Overprice Ratio = Log10(0.607253) = -0.21663

Interpretation
In the logarithmic-scaled chart below, San Diego would be represented by a bubble with coordinates (x,y) = (10,-0.21663). That means San Diego is underpriced. All bubbles with negative values are underpriced; conversely, all bubbles with positive values are overpriced with respect to their Reference Market's current price. Before the Reference Market's price converges, any underpriced PEA is a valid prediction due to the non-decreasing price property; however, the converse may not be true until the Reference Market's price converges.

To get the complete list of Reference Markets, Predicted Prices and Overprice Ratios for any county see the table at the bottom of this web page.


Using this Overprice Ratio, we can then identify the licenses that represent the best "deals" at the close of each round. (14)
(14) Because these deals are based on historical comparisons at the PEA-Level, some caution is necessary. For example, a county that sits at the edge of a large PEA may look underpriced when comparing to the predicted price for the larger PEA in which it resides. Also note that we are not using "white space" pricing analysis here.

Deals Following Round 73: Most Underpriced Counties (Above 500K in Population) Relative to their Predicted Prices at the PEA-LEVEL:
County County Name FIPS Code Population Supply Aggregate Demand Gross Proceeds County Price MHz Pop PEA PEA Name PEA Price MHz Pop Reference PEA Reference PEA Name PEA Predicted Price Overprice Ratio (Log Base 10)
TN-037 Davidson 47037 626,681 2 2 $620,000 $0.009893 PEA032 Nashville, TN $0.010578 PEA030 Kansas City, MO $0.067278 -0.803476
TX-121 Denton 48121 662,614 3 3 $358,000 $0.004598 PEA008 Dallas, TX $0.005329 PEA001 New York, NY $0.010061 -0.275984
TX-085 Collin 48085 782,341 2 2 $400,000 $0.005113 PEA008 Dallas, TX $0.005329 PEA001 New York, NY $0.010061 -0.275984
CA-111 Ventura 06111 823,318 3 3 $668,000 $0.006905 PEA002 Los Angeles, CA $0.005944 PEA001 New York, NY $0.009428 -0.200332
CA-029 Kern 06029 839,631 3 3 $706,000 $0.007156 PEA002 Los Angeles, CA $0.005944 PEA001 New York, NY $0.009428 -0.200332
CA-037 Los Angeles 06037 9,818,605 3 3 $6,700,000 $0.005807 PEA002 Los Angeles, CA $0.005944 PEA001 New York, NY $0.009428 -0.200332
CA-065 Riverside 06065 2,189,641 3 2 $800,000 $0.005373 PEA002 Los Angeles, CA $0.005944 PEA001 New York, NY $0.009428 -0.200332
CA-071 San Bernardino 06071 2,035,210 3 3 $1,400,000 $0.005854 PEA002 Los Angeles, CA $0.005944 PEA001 New York, NY $0.009428 -0.200332
FL-086 Miami-Dade 12086 2,496,435 3 2 $994,000 $0.005855 PEA009 Miami, FL $0.005753 PEA011 Atlanta, GA $0.008481 -0.168508
FL-099 Palm Beach 12099 1,320,134 3 3 $700,000 $0.004513 PEA009 Miami, FL $0.005753 PEA011 Atlanta, GA $0.008481 -0.168508
NC-183 Wake 37183 900,993 2 2 $400,000 $0.004440 PEA045 Raleigh, NC $0.004881 PEA011 Atlanta, GA $0.007071 -0.160982
AL-073 Jefferson 01073 658,466 3 3 $260,000 $0.003360 PEA040 Birmingham, AL $0.004911 PEA011 Atlanta, GA $0.007017 -0.155001
OH-061 Hamilton 39061 802,374 2 2 $400,000 $0.004985 PEA025 Cincinnati, OH $0.005619 PEA003 Chicago, IL $0.007458 -0.123010
FL-095 Orange 12095 1,145,956 2 2 $600,000 $0.005236 PEA013 Orlando, FL $0.004758 PEA011 Atlanta, GA $0.005828 -0.088081
FL-105 Polk 12105 602,095 2 2 $200,000 $0.003322 PEA013 Orlando, FL $0.004758 PEA011 Atlanta, GA $0.005828 -0.088081
FL-009 Brevard 12009 543,376 2 2 $200,000 $0.003681 PEA013 Orlando, FL $0.004758 PEA011 Atlanta, GA $0.005828 -0.088081
AZ-013 Maricopa 04013 3,817,117 3 3 $2,500,000 $0.005574 PEA015 Phoenix, AZ $0.005574 PEA002 Los Angeles, CA $0.006681 -0.078666
NV-003 Clark 32003 1,951,269 3 3 $1,100,000 $0.004798 PEA026 Las Vegas, NV $0.005131 PEA002 Los Angeles, CA $0.005903 -0.060932
CA-073 San Diego 06073 3,095,313 3 1 $300,000 $0.005538 PEA018 San Diego, CA $0.005538 PEA002 Los Angeles, CA $0.006211 -0.049750
GA-121 Fulton 13121 920,581 3 3 $510,000 $0.004715 PEA011 Atlanta, GA $0.006975 PEA001 New York, NY $0.007787 -0.047831






Table to Download to Excel or View Details on All Counties After Round 73

Selected County Details(15)
(15) Calculations in the table below are based on 2010 Census figures unless designated with a "2020" in the column title. Also, as noted above, we have replaced encumbrance classification data with "white space" availability (from AllNet Insights and T-Mobile) and pricing data.

County County Name FIPS Category Population Population 2020 Bidding Units Supply Aggregate Demand Excess Demand Demand Change Posted Price Gross Proceeds Price Per MHz POP (for product) Price Per MHz POP 2020 (for product) AllNet White Space Percent AllNet White Space Price Per MHz POP (for product) TMo White Space Percent TMo White Space Price Per MHz POP (for product) PEA PEA Name Price Per MHz POP for PEA Reference Market Reference Market Name Predicted Price for PEA Overprice Ratio (Log Base10)