Former HC2 Holdings leader Philip Falcone has emerged as the head of a new entity seeking to build a collection of low-power TV stations as part of a spectrum play.
He’s signed off on several deals across 2021. Now, he’s putting his signature on an asset purchase agreement involving a California property.
In a deal brokered by Greg Guy at Patrick Communications, Falcone-led Sovryn Holdings Inc. is agreeing to purchase KVSD-LD in San Diego.
It is a 7kw facility atop Woodson Mountain that is being sold by D’amico Brothers Broadcasting Corporation.
KVSD uses digital Channel 35, and that helped the seller in nailing down a $1.5 million sale price for the station. A $75,000 escrow deposit has been made to Patrick, which is holding it on behalf of the seller; Guy represented D’amico Brothers in this transaction.
The seller’s legal counsel is Kathleen Victory of Fletcher Heald & Hildreth.
The buyer’s legal counsel is Richard Horan of Hogan Lovells US LLP.
