Embarrassment of riches

Bud Paxson is looking to make millions, if not billions, from an early exit from his analog UHF spectrum, while still getting carriage of his digital signal on the cable systems that will be his major delivery system anyway. He was pushing last week to delay the auction because his bushel baskets are not yet in the best position to catch the windfall from a sale of ch. 60-69 spectrum. Paxson suggests the buyouts would be the well-deserved return on his investment in building a business in the UHF "desert." Perhaps, but we assume that he wouldn't be giving away his TV stations if, somewhere down the line, he decides to divest himself of those holdings. If this payoff was his well-deserved return, what would that payoff be? We're not saying Paxson shouldn't get his embarrassment of riches, only that he not mistake it for an entitlement.