Seller LocusPoint bought the fringe (Wildwood, N.J.) independent for $6 million in hopes of selling it in the incentive auction. That didn't happen so now it's selling the station for the same price to the Spanish-language network.
DMA 4
Univision Buys WMGM Philadelphia For $6M
In 2014, spectrum speculator LocusPoint purchased independent WMGM Wildwood, N.J., on the fringe of the Philadelphia market, for $6 million in the hope of selling it at a profit in the FCC incentive auction.
Having failed to make that sale to the FCC, it is now selling the station to Univision for the same price it paid three years ago — $6 million, according to an FCC filing.
Filing says that LocusPoint has a channel sharing agreement to host another station in the Philadelphia DMA, but a copy of the agreement identifying the channel sharing partner was not attached to the filing.
Comments (1)
Kristina Veltri says:
July 7, 2017 at 7:32 pm
Univision scored a bargain of LocusPoint’s greed for sure. It’s a well-deserved lesson for them that destroyed a beloved NBC affiliate and basically handed Univision a better channel number for a pittance (don’t expect them to keep that ‘Univision 65’ branding for very long).