Bosses at TV station WOW have hit out at speculation the firm is to close.

WOW president and CEO Stanley Wright said that bloggers had suggested the station might shut up shop after The Royal Gazette revealed that Government was set to buy out its bandwidth and reallocate it to a new one.

Mr Wright added: “Nothing could be further from the truth.”

The Royal Gazette reported earlier this week that the Regulatory Authority had recommended that WOW be moved from its potentially lucrative 700Mhz spectrum to the 500Mhz one.

The Regulatory Authority said the 700Mhz spectrum could then be sold off to mobile carriers, with an $800,000 payoff to WOW to reimburse it for the cost of new transmitters.

Mr Wright said: “WOW wishes to be clear that this migration will have negligible impact to our customers and the company plans to keep its customers informed of the progress of this project.”