For the last dozen years, a vibrant marketplace has been brewing in the speculation and sale of FM spectrum through the acquisition of translators. FM translator stations have historically been low-power repeater stations that serve to supplement the coverage area of a full-power parent station. Today, translators often operate as wholly stand-alone operations; while they are still fed programming from a parent-station, that parent can be in a completely different market, or running a completely different format on its full-power analog frequency.
The evolution of translators from a secondary to a quasi-primary service has exploded the asking price of translators in markets large and small. The majority of translators (built or unbuilt, with just an FCC construction-permit in hand) regularly sell for five to six figures, and in major markets they can fetch millions of dollars. Translator prices only seem to increase as the amount of fallow FM spectrum in any given market gets more scarce.