Debtors of the bankrupt former Multicultural Television Broadcasting station are inviting qualified parties to come to Wilmington, Del., on Nov. 15 to bid on it. It’s the last of five that MTB bought from Scripps in 2006 for $170 million.
The likelihood of federal spectrum auctions is having a two-pronged effect: leading some buyers to look for low-priced stations to buy in the hopes of cashing out from the auction proceeds; and causing some struggling smaller-market and public stations that could use money now to put themselves on the block.
An FCC filing reveals that the company buying the San Francisco and Boston stations, NJR TV, is owned equally by Ted Bartley and family; Titan Broadcast Management, headed by Bert Ellis and Dan Sullivan; and Larry Patrick and his wife, Susan.
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.