Bidding starts in FCC's wireless airwave auction
ByDavid McCabe-05/31/16 01:12 PM EDT
The Federal Communications Commission (FCC) started its historic wireless spectrum auction on Tuesday with the first bids.
At 10 a.m. on Tuesday morning, the agency began buying spectrum, the invisible radio frequencies accessed by mobile devices, from television stations.
Bidding is scheduled to continue at least throughout the week, with one round on Wednesday and two scheduled rounds on Thursday and Friday.
Bidding in the broadcaster section of the sale works like a Dutch auction, with stations agreeing to lower and lower prices until the FCC makes the decision to lock in a price and purchase spectrum. Stations can either leave the airwaves entirely or share a channel with other broadcasters.