Providence Equity Partners’ Newport Television LLC is taking the precaution of placing nine full power and 25 LPTV/Class A television stations into the custody of trustee Richard S. Rodin, prior to closing on their acquisition from Clear Channel. Included on the list are KFTY-TV San Fransico CA (Santa Rosa CA, indy); WOAI-TV San Antonio TX (NBC); KTVX-TV/KUCW-TV Salt Lake City UT (ABC, CW); WAWS-TV Jacksonville FL (Fox/MNT); KGPE-TV Fresno CA (CBS); KION-TV Monterey-Salinas CA (Monterey, CBS); KGET-TV Bakersfield CA (NBC); and KCOY-TV San Luis Obispo-Santa Maria-San Luis Obispo CA (Santa Maria CA, CBS). In Jacksonville, it is hanging onto CBS WTEV-TV. The stations are part of a still-pending 1.255B deal. Newport also has a pending 41M deal to spin two of the stations, KCOY-TV & KION-TV, to Cowles California Media Company.
TVBR/RBR observation: Another interesting twist for a long-pending deal. Clear Channel had stated last November that Providence Equity Partners was "considering its options" and might try to walk away from the deal – although that would carry a hefty financial penalty. But Providence never moved to nix the deal and it has gotten FCC approval, with this trusteeship required to hold stations that the buyer will have to divest. So, it appears that Providence is now moving toward a closing.
