NY firm buys RI's WLNE-TV for $4 million
Law Firm News
A Bronxville, N.Y.-based broadcasting company is buying a struggling affiliate of the ABC broadcast network in Rhode Island for $4 million.
A Superior Court judge in Providence approved the bid by Citadel Communications LLC to buy WLNE-TV on Tuesday because it was the only bidder that had struck an affiliation agreement with ABC. The station's expired affiliate agreement had been extended to April 1.
Court-appointed receiver Matthew McGowan says the deal with ABC was decisive because ABC could yank its signal. Three bidders who had not reached a deal with ABC were required to put the money upfront and competitively bid for the station, but they declined to do so.
Global paid $14 million for WLNE-TV in 2007. The firm went into receivership in 2010. Owner Kevin O'Brien did not respond to a call for comment.
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