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Planet Money

Hacking The Perfect Auction

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 6 November 2020

⏱️ 24 minutes

🧾️ Download transcript

Summary

A Nobel-Prize winner spent years designing an auction to sell off the airwaves, which are owned by the public. But Wall Street found a tiny flaw. | Subscribe to our weekly newsletter here.

Transcript

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0:00.0

This is Planet Money from NPR.

0:07.0

Ron Bruno worked in TV his entire life.

0:09.7

I used to work at a CBS affiliate right here in our hometown at Pittsburgh.

0:14.8

After that he started his own production company shooting TV shows and commercials.

0:19.1

And I looked around one day and I had almost as much equipment as they had at the TV station

0:25.0

that I worked for.

0:26.4

Which was when Ron decided he might as well start running his own TV station.

0:30.5

He partnered with a woman named Debbie Goodworth and built 11 stations.

0:34.4

And hence we became Bruno Goodworth Network.

0:37.0

WBGN.

0:39.3

Ron Bruno was the president.

0:40.6

He prided himself on broadcasting local events.

0:43.4

Oh my gosh, we did everything under the sun.

0:46.3

I mean football, basketball, crates, news, the immune name that we were doing.

0:52.0

I showed reruns of Cagney and Lacey in a show called US Bounty Hunters.

0:56.8

On Saturday nights there was a horror movie show called It's Alive.

1:00.4

The local commercials were incredible.

1:02.6

This portion of It's Alive is brought to you by Ralph's Army Surplus.

1:06.5

Ralph's Army Surplus.

1:08.0

Located in the center of Monroeville, PA.

1:09.8

As soon as you enter the store you'll be facing one of the area's largest selections of

1:13.2

new and used Army of Arrow, including the new Digital Camo design.

...

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