Two minority-stake owners of low-power WMNT-CA Toledo, Ohio, filed suit in U.S. District Court alleging the majority owner has attempted to sell the station — and its potentially valuable FCC license — without their knowledge.
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A low-power in Toledo worth $38M. ROFLMAO. Someone is living in Fantasy Land.
It is if they sell it in the auction.
Auction will not bring anything close to $38M for this station.
Is the FCC and the Greenhill Report now responsible for grand theft and larceny? Will murder and mayhem ensue as more and more Class A owners across the country succumb to greed and avarice?
Detroit needs some relief in the repacking plan. This station is valuable for that. Maybe not $38.0 million but at least $10-15 million. Jesse needs to deal with these minority partners more fairly.
First off, NO Low Power station is worth $38 Million to begin with. The station runs My Network TV and only has 11,000 watts of power. Cable systems are not obligated to carry it. I’d be surprised if it’s even worth more than $50,000!
Again, if you read the story, instead of just commenting, it WAS worth more than $50k as a deal to buy it for $400k is in place.
A follow-up or post-mortem: turns out WMNT-CD was not needed and not bought out during the FCC auction, so it looks like the Greenhill Report was off by, oh, about $38 million or so, as far as the FCC spectrum auction value of the station (hopefully the lawyers for the greedy minority shareholders were working on only a contingency fee basis!).