In Northern Nevada, the city of Reno is bordered by the municipality of Sparks. Here, a low-powered television station is trading hands. The buyer is none other than the licensee behind the NewsNet digital multicast network that is busily acquiring its own stations, building an array of O&O properties nationwide.
An asset purchase agreement dated April 28 has been posted to the FCC’s LMS that offers details on the deal, which sees Bridge News LLC agree to acquire KGLR-LD 35 in Reno-Sparks, Nev., from New Line Media Communications LLC.
The transaction is valued at $200,000.
A 10% escrow deposit has been made to the seller. Sterling BCG LLC served as the broker in this transaction.
New Line Media is headed by Gustavo Luzania, while the buyer is led by Vince Bodiford.
NewsNet’s growth has been funded largely by Manoj Bhargava, the founder of 5-hour Energy products.
Serving as the buyer’s legal counsel is Dan J. Alpert; the seller was represented by Kathleen Victory of Fletcher, Heald & Hildreth.
