In the wake of credit defaults, Arthur Liu's Multicultural Television Broadcasting is now turning over the last of the five stations it acquired from Scripps to trustee Lee Shubert for liquidation. Multicultural bought the stations in 2006 for $170 million.
Multicultural Handing Over WSAH To Trustee
Because of loan defaults, creditors are forcing Multicultural Television Broadcasting into placing the last of the five TV stations it purchased from Scripps four years ago, WSAH New York, in the hands of trustee Lee Shubert, who has been charged with selling the underperforming stations to pay off the creditors.
The move came to light in FCC filings yesterday seeking transfer of the station, which is actually licensed to Bridgeport, Conn., to Shubert.
Earlier, Shubert took control of four other Multicultural stations on behalf of the creditors.
So far, he has sold two — WRAY Raleigh-Durham, N.C., and WOAC Cleveland — to Radiant Life Ministries. He is still looking for buyers for WMFP Boston, KCNS San Francisco and now WSAH.
Liu also owns a large radio group, but KHIZ Los Angeles will be his only remaining TV station.