For many years, Deborah McDermott was associated with the ABC affiliate serving Nashville, today owned by Nexstar Media Group.
As GM of WKRN-2 under Young Broadcasting, McDermott would rise to President in 2004 and lead Young through its 2009 voluntary Chapter 11 bankruptcy restructuring. By January 2013, she had risen to CEO.
Now, McDermott is attracting attention for her current broadcast media company’s acquisition of two stations in Providence, R.I., and Lincoln, Neb.
A Form 314 filing made with the FCC on Friday confirms the sale of WLNE-6 in Providence, R.I., and KLKN-8 in Lincoln, Neb., to the McDermott-led Standard Media Group.
The sale leaves seller Citadel Communications LLC — not to be confused with now-defunct radio company Citadel Broadcasting Corp. — with just one property: “Suncoast News Network” home facility WSNN-LD 39 in Sarasota, Fla.; WSNN is managed by LDB Media.
According to the asset purchase agreement, dated April 17, Citadel — helmed by Philip J. Lombardo — is pocketing $83 million from the sale of the two stations. A $4.15 million escrow deposit has been made and is being held by US Bank.
Closing will occur at the Washington, D.C., office of Pillsbury Winthrop Shaw Pittman LLP; the firm’s Scott Flick served as McDermott’s legal counsel.
Brooks Pierce attorneys Liz Spainhour and Mark Prak represented Lombardo and Citadel.
Other than CobbCorp LLC there is no other investment banker, broker or finder involved in this transaction.