RTV Theory and Practice - Special Issue

interesting differences in station prices betvveen blacks and whites before and after the introduction of incentives . Soley and Hough found that blacKs' average purchase price was 53/ higher than the average white station price between 19 72 and 1976.

Table 3 AVERAGE STATION PRICE IN THOUSANDS OF DOLLARS

It appears that the introduction of incentives did not contribute to an increase in the average black station price relative to station prices overall. After the introduction of incentives , the average black station price was 13Z lower than the average white station price . 17/. of the black acguisitions were through distress sales which reguired a purchase price 25/ lower than market value , but even this decrease does not explain the large drop in the average black station price relative to overall station prices . 4, Average Station Price in Top 50 Markets Examining average station price more closely in the top 50 markets , it seems evident that white purchase pnces were consistently higher in the top 20 markets both before and after the introduction of incentives . However, there was a dramatic change in the 2 1-50 market range, with blacks exhibiting 32/ higher station prices than whites after the introduction of incentives . This may indicate that medium sized markets are where minority purchasers and their lenders have concentrated their ef forts .

224

1972-19T6 1 978-1 981 ALL $436 (П= 1736) $1,412 (n = 2 1 8 1 ) BLACK $667 (n=26) $ 1 ,223 (П = 42 )