A Broadcast License refers to the spectrum license granted to entities to transmit and broadcast within an allocated geographical boundary. The Broadcast License grants exclusive rights to the entity to transmit and broadcast at the allocated spectrum frequency within which others cannot. A broadcast license typically has conditions and restrictions which when violated could lead to revocation of the license. There are different types and categories of television broadcast licenses including those for online transmission and broadcasting. In the business valuation analysis, the broadcast license is one of the most important assets available to radio and television stations. A broadcast license qualifies as an intangible asset which is a class of assets without physical form but provide intrinsic value to the owners through potential economic benefits. To estimate the fair market value of an intangible asset such as a broadcast license, business valuators apply techniques under the income, market and asset methods, a situation made possible by the fact that such as the spectrum license can be recognised and the associated economic benefits reliably measured. The greenfield method is one of business valuation methods most applied in the valuation of a broadcast license.