Station-in-distress WLNE has six bidders vying for contention. According to Broadcasting & Cable, the struggling Providence ABC affiliate has received interest from six different firms after entering into receivership in July 2010.
Steve Doerr, the station’s Vice-President and General Manager, explained that the station has received significant interest and that a decision will be made over the next few weeks. “It’s a slow process but we’re getting there,” he explained, adding that he could not disclose the names of the interested parties due to a confidentiality agreement.
WLNE’s parent company, Global Broadcasting of New England, acquired the station in 2007 for $14 million from Freedom Communications, which is also facing financial problems. That company filed for Chapter 11 Bankruptcy in 2009. New York-based media brokerage firm Cobb Corp. is handling the sale.
Sources: Broadcasting & Cable, Delaware Bankruptcy Ligitation
Photo credit to DTVDXer via Flickr.com
0 Responses to “Six Bidders Vye for Struggling WLNE”
-
No Comments
Commenting Notes: Please use the comments section as a forum to discuss the topic at hand. Many people read btvn, including many familiar faces who are the subject of our stories. Please refrain from personal attacks or hurtful remarks directed at a specific person. Please keep the golden rule in mind when posting.All comments subject to approval by the btvn editor. Each submitted comment will be placed in a queue to be reviewed before they appear on the btvn website.