Michael Pascucci, who sold independent WLNY to CBS last month for $55 million, is picking up another $6.5 million from the sale of three LPTV stations to a separate investment group.
DMA 1
Owner of WLNY Also Spinning Off LPTVs
Michael Pascucci is liquidating all his TV assets.
The North Palm Beach, Fla., broadcaster who agreed to sell independent WLNY New York to CBS last month for $55 million is now selling the three co-located low-power stations to investors with ties to Hoak Media for $6.5 million, according to an FCC filing.
The facilities: WLNY-CA Mineola, N.Y.; WLIG-LD Morristown, N.J.; and W27CD Stamford, Conn.. The latter includes a construction permit for moving it from analog ch. 26 to digital ch. 43.
The buyer — Local TV Media New York — is principally owned by two groups of investors: Rajendra Singh and family of Miami, and Columbia Capital. The latter is controlled by James Fleming, John Siegel and Harry Hopper, all of Alexandra, Va.
Loop Media, headed by Lawrence Rogow and Paul Koplin, is the operating member of the Local TV Media, although it holds just a 3.7% stake in the company.
According to the filing, “certain officers, directors and uninsulated limited partners” of Columbia also have an interest in Hoak Media, a small TV station group based in Dallas.
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Comments (1)
Colin MacCourtney says:
January 5, 2012 at 10:02 pm
I can’t recall any other full-power station sale where the buyer didn’t also acquire the LPTV’s associated with the full-power station. Thus, the total consideration paid for WLNY-TV’s operating assets becomes $61.5 Million ($55 + $6.5 Million).