On May 7, 1949, Billboard revealed that ABC had proposed an investment of $6.25 million, of which it would spend $2.5 million to convert 20 acres (80,937 m2) of land in Hollywood into what would become The Prospect Studios, and construct a transmitter on Mount Wilson, in anticipation of the launch of KECA-TV, which was scheduled to begin operations on August 1 (but would not actually sign on until September 16).