A trio of partners in the firm of Media Venture Partners is forming a license company to acquire WWCP-TV, the Fox affiliate in Johnstown PA, and will be getting a satellite in State College and an LMA with WATM-TV, which is an Altoona PA-based ABC affiliate.
Ben Franklin ably represented the state of Pennsylvania while it was helping America transition from a group of colonies to a group of United States, so perhaps it is fitting that his picture will adorn the $100 bill that will change hands as a result of this transaction. Of course, the Franklin engraving represents only the tip of this compensation iceberg, which is primarily composed of unspecified debt assumption.
The seller is Peak Media Holdings, headed by Larry D. Marcus.
The license company formed by MVP is Horseshoe Curve Communications LLC, and the three MVP execs who comprise Horseshoe are Elliot B. Evers, Brian Pryor and Gregory D. Widroe.
WATM is operated under terms on an LMA with Palm Television LP. The State College facility is W59AI.
Horseshoe said that it plans no changes to programming, personnel or management, and that promise leaves intact the position of GM, which will continue to be filled by Frank Quitoni.