The spectrum speculator outbid two others for the bankrupt New York independent station last November, but the auction was contested, delaying the filing of the FCC sale application. NRJ has purchased three other underperforming stations in recent months with an eye on the FCC’s spectrum auction.
NRJ, a group that is buying underperforming stations with an eye on cashing in on the FCC’s proposed incentive auction, outbid two others in a Nov. 15 auction for WSAH, a bankrupt independent licensed to Bridgeport, Conn., on the fringe of the New York market. But its high bid of $22.8 million may not be enough. Arthur Liu, the original owner of the station, is challenging the sale process in bankruptcy court.
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.