Eric Wotila has gained notice across the U.S. for his role as President of digital multicast network NewsNet.
Now, he’s in the news as Wotila has agreed to an asset purchase agreement that will adjust the ownership in the station branded as “NewsNet Michigan.”
Wotila-led licensee Freelancer Television Broadcasting is engaged in a transaction that will see ownership of WXII-LD 12, licensed to Cedar, Mich., and serving as northern Michigan’s MyNetworkTV and COZI network affiliate; and NewsNet affiliated WMNN-LD 26, serving Traverse City from Lake City, Mich., shift to FTB Operations LLC.
The transaction is valued at $20,000, and makes Manoj Bhargava, Manager of Bridge News LLC, a 90% equity interest holder in the stations. Wotila will hold 10% equity interest.
For Gray Television shareholders, the investment by Bhargava may hold some interest.
As RBR+TVBR reported in July 2021, the Michigan-based institutional investor disclosed that, through his MBX Capital, he had possession of 4,598,675 shares of Gray TV. This amounts to 5.2% of the publicly traded shares associated with Gray.
How significant is that investment? According to a RBR+TVBR analysis, Bhargava made an $100 million-plus investment in Gray, making it the No. 3 institutional investor in Gray Television. According to Yahoo! Finance, MBX Capital is no longer among the top 10 institutional holders of GTN. Dimensional Fund Advisors and BlackRock are the top two holders, accounting for a combined 13.84% interest in Gray.
