If a CP permit expires, that CP is null and void – regardless of an attempt to sell it to a new owner with the wherewithal to actually get it built. But for a limited time, the FCC is going to expedite processing in such cases when the buyer is an eligible entity. But act fast. Very fast. The regular rules return the first of June.
Remember that one rule hasn’t changed – if the permit has expired before the station is transferred – and we mean a closed, completely consummated transfer, than the CP is dead and buried.
The FCC recommends any transactions designed to salvage a CP be filed 90 days ahead of the CPs expiration to allow the FCC time to evaluate and approve the deal and then allow the buying and selling entities time finalize the transaction. But for a limited time, eligible entities can file a deal between now and 5/31/09, and it will then have 30days to close the deal once an FCC grant has been issued.
From that point, the new owner will likely be granted 18 months to get the station built.
RBR/TVBR observation: Rules were made to be broken, and although we know that any regulatory agency doesn’t want to set precedents it doesn’t want to live with, it’s good to see the FCC make an exception to try and diversify the ownership pool.