Liberty University has added $23.1 million to its coffers after auctioning 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.
Source: http://www.roanoke.com/news/virginia/liberty-university-auctions-off-spectrum-rights-for-tv-station-for/article_39b2d165-1762-50c2-ac0c-6af5ad90dd1e.html