On August 24, RBR+TVBR readers first learned of two transactions that saw the company led by CEO Vince Bodiford and funded by 5-Hour Energy creator Manoj Bhargava agree to purchase LPTV stations serving Springfield, Mass., and the Palm Springs, Calif., market.
Approval of the deals has been granted by the FCC’s Media Bureau.
The OK came Thursday (10/5), signaling that the transactions may now proceed toward closing.
Thus, Class A television station KRET-31 in Palm Springs, Calif., is close to becoming a Bridge News LLC property, and a NewsNet O&O serving the Coachella Valley.
The station was sold through the estate of Charles R. Meeker. Meeker was the owner of Camino Real Communications, and Meeker’s estate will receive $800,000. A 10% escrow deposit has been made by Bridge News and is being held by Dan J. Alpert.
Serving as the broker in this transaction is Spectrum Solutions, led by Tom Fawbush.
While Alpert served as the Bridge News LLC legal counsel in this transaction, Mark Denbo of Smithwick & Belendiuk is the legal counsel for the seller.
In the second deal, the sale of WVCC-LD 6, licensed to a small community on the Vermont border just north of Amherst, Mass., to Bridge News is on its way to completion.
The seller, “Milachi Media,” is led by Bill Christian.
With Mark Denbo of Smithwick & Belendiuk serving as Christian’s legal counsel, Milachi is agreeing to a $3.15 million purchase price. A 10% escrow deposit is being held by Alpert.
