The University of South Florida is set to pocket more than $18.7 million after the sale of WUSF-TV's broadcast license but lose the longtime campus-owned television station later this year.
On Wednesday the university announced the sale, which took place as part of the Federal Communication Commission's Broadcast Incentive Auction, the University of South Florida said in a statement.
WUSF-TV's public broadcast license sold for $18,754,503.
As a result of USF's decision to sell its license, WUSF-TV will go off the air later this year.
WUSF-TV will remain on the air for now. The university is in the early stages of discussions about the future of WUSF-TV's current programming and the options available to WUSF-TV employees.
USF is expected to invest the auction proceeds to support university initiatives. At the earliest, proceeds from the auction will distributed to USF this fall. Then the university will have up to six months to cease WUSF-TV's broadcast operations.
The auction only involves WUSF-TV not WUSF's radio stations: WUSF-FM (89.7) and WSMR (89.1 and 103.9).