With dollars courtesy of Manoj Bhargava, the creator of 5-hour ENERGY, the parent of the NewsNet digital multicast TV network has emerged as one of the most active buyers of broadcast television stations over the last six months.
Now, his Bridge News LLC, led by Vince Bodiford, is scooping up a low-power TV station that will bring the 24/7 all-news diginet to Houston. The seller is the former head of HC2 Holdings, who formed his own group after his departure from that entity.
Bodiford has signed off on an asset purchase agreement that will see Bridge News LLC welcome KVVV-LD in Houston to the company’s growing stable of LPTV properties.
The seller of the property, which uses digital and PSIP Channel 15, is Sovryn Holdings. That’s the entity led by Philip Falcone, which in March 2021 agreed to purchase KVVV from Abraham Telecasting Company for $1.5 million.
Today, Falcone is reportedly dealing with a host of personal financial commitments, which have resulted in tabloid articles in the New York Post detailing how his lavish lifestyle caught up with him. Then, there’s his exit from HC2 and creation of Sovryn, which appeared to mark a new chapter for Falcone as Sovryn scooped up LPTVs.
The Houston property was one of Sovryn’s key acquisitions. Now, with Greg Guy of Patrick Communications as the broker representing Falcone’s group, Sovryn is earning $1.55 million from KVVV-LD’s sale.
A 10% escrow deposit is being held by Dan J. Alpert, as escrow agent. At closing, the remainder of the purchase price is to be paid to Shainis & Peltzman, on Sovryn’s behalf.
Signing off on the sale for Sovryn is Dennis Davis.
