RNN, born in Kingston, N.Y., out of the former independent WTZA-62, pocketed a cool $211,680,472 from relinquishing the spectrum for the digital TV station that succeeded WTZA — WRNN-48.
But, company led by the French Family is hardly cashing out of the TV business. In December 2017, it acquired the Channel Sharing Agreement for WMCN-44 in Atlantic City, N.J.
Now, it is grabbing an independent station serving the Delmarva Peninsula, directly across Delaware Bay from the southern tip of the Garden State, in a deal brokered by Kalil & Co.
Being acquired by RNN is Western Pacific Broadcast-owned WMDE-36, licensed to Dover, Del.
WMDE’s tower is in Wye Mills, Md., and the station primarily serves the Salisbury-Ocean City, Md., market.
RNN is paying $11.5 million for WMDE, and has made a $575,000 deposit with JPMorgan Chase Bank, the escrow agent for Western Pacific.
The sale of WMDE comes after Western Pacific failed to attract a successful bid in the incentive auction.
Kalil & Co. represented the seller in this transaction.
