The owners of WRNN-TV Kingston NY (part of the New York City DMA) bought WTVE-TV Reading PA (part of the Philadelphia DMA) out of bankruptcy back in 2008. They now have a deal to sell the station for substantially more money.
The buyers back then, in a deal filed with the FCC 1/28/08, were WRNN-TV Associates LP, related to New Mass Media Inc. & Hudson Valley Holdings LP. They got the station from George L. Miller, Chapter 11 Trustee, Reading Broadcasting Inc. The price: $13.5M.
The deal was struck after plans to auction the station fell though, and although the deal was challenged by a third party with an interest in buying the station, the FCC eventually allowed the transaction to stand.
The new deal has the station going from the former buyers, using licensee name WTVE License Company LLC. The seller is headed by Christian French and Richard French.
The buyer is NRJ TV Philly License Company LLC, part of NRJ Holdings LLC. It’ll pay more than double the price paid by the French group — $30.4M cash, to be specific.
NRJ, headed by Ted Bartley, Sharon Bartley and Robert Andrews, will have 100% of the votes and 33% of the equity in the station. Additional equity is being taken by 5 Star Spectrum LLC/Titan Broadcast Management (33%), and Drumcree LLC (also 33%).
NRJ holds television stations KCNS-TV in the San Francisco DMA, and WMFP-TV in the Boston DMA. Members of the other two backing companies have numerous broadcast interests.
