It’s been nine months since Philip Falcone exited HC2 Holdings Inc. under a black cloud, with accusations that Falcone defaulted on loans leading to today’s efforts under new chief executive Wayne Barr Jr. to raise capital by divesting non-core assets.
For Falcone, he’s swiftly moved on, and in Q1 2021 became an active buyer of low-power TV stations through a newly created entity.
He’s at it again, and has just entered the Pacific Northwest’s biggest market.
Falcone’s Sovryn Holdings, which so far in 2021 has purchased two low-power TV stations in Los Angeles and in March agreed to acquire KVVV-LD, at Channel 15 in Houston, is agreeing to purchase KYMU-LD 6 in Seattle.
The seller is Seattle 6 Broadcasting Company, overseen by Las Vegas-based Scott Centers.
The transaction is valued at $1.75 million, and an $87,500 escrow deposit is being held by attorney Dan J. Alpert.
Serving as the broker in this deal is Craig A. Ruark LLC, d.b.a. The Broadcast License Store.
As of October 2019, KYMU was airing COZI TV on Channel 6.1 and Light TV on its DT2 signal. It has a transmitter on the KIRO-7 tower.
RBR+TVBR in August 2019 reported on the launch of KYMU, formerly KDMD-LD. It was purchased by Seattle 6 for $850,000 — sold by Denver Digital Television.
