A Television Broadcast License is a license granted to an entity to broadcast programming through a frequency spectrum within an allocated geographical boundary. The Television Broadcast License grants exclusive rights to the entity to broadcast within the allocated frequency within which others cannot. The license normally comes with 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 broadcast, internet TV. In the business valuation of television stations, the broadcast license is one of the most important assets. A television broadcast license is an intangible asset which can generate measurable economic benefits to the firm. Intangible assets are a class of assets without physical form yet can provide significant value to the owners. To estimate the fair market value of an intangible asset such as a television broadcast license, business valuators apply techniques under the income, market and asset methods, a situation made possible by the fact that intangible assets such as Television 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.