Some eight months ago, Philip Falcone exited as the face of an entity that had emerged as a big spender on low-power broadcast TV stations as part of a spectrum play.
Falcone’s departure from HC2 Holdings Inc., was shrouded in negative press, with accusations of loan defaults and the freezing of Falcone’s assets for reportedly failing to compensate his legal representatives.
Today, that’s all in the past. Falcone is now CEO of Sovryn Holdings, and it’s on a buying binge, new FCC documents show.
Sovryn is agreeing to a deal with Abraham Telecasting Company that will deliver Falcone’s new group KVVV-LD, at Channel 15 in Houston.
At present, KVVV is a Word Network-affiliated television. What KVVV’s future holds will soon be up to Falcone and his team, as Sovryn is paying $1.5 million for the station.
An $87,500 escrow deposit has been made. It’s being held by attorney Dan J. Alpert.
Representing Abraham as the broker in this transaction is Craig A. Ruark LLC, doing business as The Broadcast License Store.
This follows Sovryn’s $10 million acquisition, filed in February with the FCC, of two LPTVs in Los Angeles from NRJ TV III:
- KNET-CD, using PSIP Channel 25 and on digital Channel 32
- KNLA-CD, using PSIP Channel 20 and on digital Channel 32 (via a channel-sharing arrangement with KNET)
