A Radio Broadcast License is a license granted to an entity to transmit through a radio frequency spectrum within an allocated geographical boundary. The Radio Broadcast License grants exclusive rights to the entity to transmit within the allocated frequency within which others cannot. The license normally details conditions and restrictions which, when violated, could lead to revocation of the license. There are different types and categories of radio broadcast licenses including those for online transmission. In the business valuation of radio stations, the broadcast license is one of the most important assets. A radio broadcast license is an intangible asset which generates measurable economic benefits to the firm. An intangible asset is a class of assets without physical form yet can generate significant economic benefits to the owners. To estimate the fair market value of an intangible asset such as a radio broadcast license, business valuators apply techniques under the income, market and asset methods, a situation made possible by the fact that a radio broadcast 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.