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The Iowa Communications Network won’t be privatized.

Governor Branstad rejected two bids to buy the statewide cable system, Wednesday.

Branstad said both bids came in well under what he says the system is worth and less than a recent $25-million upgrade to it.

“I believe the ICN is worth more to the State of Iowa than what the bidder was willing to pay,” the Governor said in a release.

Branstad described the bids as “pennies on the dollar” and a “disservice to the taxpayers of Iowa.”

Under Iowa law, the ICN needs governor approval as well as a majority from both houses of the Legislature before it can be sold.