Channel 6 Announces Who Leads Pack for Sale of Station
Thursday, February 10, 2011
GoLocal has learned that Channel 6 has decided who it’s highest bidder is related to the sale. Citadel Communications now sits in the front position as the group who wants to buy the 3rd rated TV station. “Stalking-horse” means that Citadel out of any other potential bidders is the highest bidder and the bid to now beat. “We have a number of other well-qualified offerors who are interested in acquiring the station” said court appointed receiver Attorney Matt McGowan. “We are prepared to move forward toward obtaining court approval for a sale”.
Other groups that want to submit a new bid to match Citadel have until March 18th to do so. On March 22nd, a hearing will be held in Providence Superior Court at which time the highest bidder will be selected and approved by the court. Channel 6 went up for sale last year after new owners, who took over from Freedom Broadcasting, had difficulty satisfying the debt owed after buying the station.
Citadel Communications is headquartered in Bronxville, New York and presently owns three midwest television stations. Citadel is not related to Citadel Broadcasting that owns radio stations in the region.
Jeff Derderian is a former television news reporter and anchor both in Providence and Boston. He is one of the founders of the Station Education Fund. He can be reached at [email protected]
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