Price For Florida Noncomm TV-Radio: $7 million
November 10, 2005 at 7:06 AM (PT)
The saga of the sale of noncommercial WXEL-F and WXEL-TV/WEST PALM BEACH takes an interesting turn as the PALM BEACH POST reports that the sale by BARRY UNIVERSITY to EDUCATIONAL BROADCASTING CORP. in APRIL was for $5 million spread over several years.
The price, previously undisclosed, is far short of the initially projected $17 million the university was told it could make from a sale. In addition, the documents the POST obtained, records of the bids considered by consultant TRANSFORMATION CONSULTING GROUP, show that the winning bidder, headed by the parent of WNET (TV)/NEW YORK and WLIW-TV/GARDEN CITY, NY, was ranked first but bid lower than a local consortium, COMMUNITY BROADCAST FOUNDATION OF PALM BEACH AND THE TREASURE COAST, which had bid $7 million but has joined the winning bidder and will help operate the stations in a joint venture.