WXEL-TV in West Palm Beach FL is going to a new licensee formed by the station’s executives in what is being called a merger. The execs’ group will be the surviving entity and college will receive a compensation package.
The seller is Barry Telecommunications Inc., a subsidiary of Barry University. Signing off on the merger for Barry is Linda Bevilacqua.
Bernard E. Henneberg is the driving force behind surviving license company WXEL Public Broadcasting Corporation.
The deal also includes translator W31DC-D Fort Piece FL.
Barry will get just under $2M in compensation value in agreeing to the merger. $1,446,102 will be paid to the college to cover existing debts, it will receive an interest-free promissory note for $170K to cover expenses, and over a period of five years it will receive $273K worth of underwriting announcements. That works out to a grand total of $1,909,102.