80% solution for Virgin Island TVs


A pair of twin ABC affiliates and an associated LPTV serving different islands in the US Virgin Islands are going from the majority owner and making a sole owner out of the current minority owner. The stations are licensed to Christiansted and Charlotte Amalie.

WSVI-TV Christiansted, on the island of St. Croix, is the flagship station of Alpha Broadcasting Corporation, and its programming is taken to St. Thomas on WZVI-TV and WFIG-LP in Charlotte Amalie.

Figgie Family Equity Fund Ltd., under Matthew P. Figgie, is selling its 80% stake in Alpha to Atlas News and Information Services Inc. Atlas is headed by David and Cladia Lampel.

The price is $350K. $35K of that will be paid in cash, with the remainder coming pursuant to terms of a promissory note.

The buyers are asking that the flagship/satellite arrangement be allowed to continue, since the distance between islands, not to mention the islands’ rugged terrain, make it impossible for one station to cover the entire territory.