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U.S./world – $18B trust proposed – Sale of airwaves

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Five major foundations have proposed that proceeds from the government auction of public airwaves over the next five years be used to create an $18 billion venture capital fund to support the use of technology by universities, museums and civic groups, the Associated Press reported April 5.

It’s not clear whether Congress or the Bush administration will back the plan, known as Digital Promise, but foundation officials involved with the proposal told AP lawmakers and the White House were enthusiastic about the idea.

The new trust would be modeled on groups such as the National Science Foundation and would focus on content to be delivered over new communications systems like high-speed Internet connections and satellite TV, AP said.

Foundations making the proposal are The Carnegie Corporation of New York, John S. and James L. Knight Foundation, John D. and Catherine  T. MacArthur Foundation, Century Foundation and Open Society Institute.

For full story, go to Northern Light.

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