On Sept. 13, 2017, HC2 Holdings Inc. announced that a subsidiary that serves a licensee for its broadcast television assets had agreed to purchase Mako Communications‘ 38 low-power TV stations across 22 cities.
The $29 million deal involved a $2 million escrow deposit, a $16.5 million cash payment (with $500,000 going to associated entity Mintz Broadcasting), and a $5.25 million promissory note that matured 18 months after the agreement date of Sept. 8, 2017 — bearing a rate of 8% interest.
Simultaneous to that transaction, Mako agreed to offer to HC2 certain Construction Permits that it may obtain at a later date, for no cash consideration.
Mako has four such properties, and it is handing them to the company led by COO Les Levi.
