Low power TV quartet on the move in the Big Apple


Richard D. Bogner and his Island Broadcasting Company have struck an LMA/option deal to sell a foursome of low power television stations in America’s biggest media market, and the option has been exercised. The buyer is New York Spectrum Holding Co. LLC.

The stations are all licensed to New York, New York – the city they say is so nice they named it twice. Included is WNXY-FM Channel 35, WNYX-LD Channel 43, WXNY-LD Channel 32 and WRNN-LD Channel 26. The latter is the only one of the four not licensed to Island, but rather to Bogner.

The parties noted on the application that 20% of the acquiring entity will be held by foreign interests – Chinese interests, to be precise. That is 5% below the max, and therefore not an impediment to the deal.

The contract, dated 1/1/11, called for a sliding purchase price depending on when it is exercised – the earlier, the cheaper. The buyers have placed $1,266,666 into escrow to secure the purchase.

The principals of the buyer include Vernon L. Fotheringham, Kevin O’Halloran, Charles Naumer, Hui Liu, and – hailing from Hong Kong – Chau-Chi Wong.

All four stations hold either a CP to switch channels, or have applied for one, and all of that CP action will be canceled.