MediaNews Puts Stations in Liquidating Trust
January 28, 2010 at 10:25 AM (PT)
Newspaper giant MEDIANEWS has followed its filing with the FCC for debtor-in-possession status for its GRAHAM NEWSPAPERS, INC. division -- Classic Hits KWKQ (KOOL 94.7) and Country KSWA-A/GRAHAM, TX and Oldies KROO-A and Country KLXK (K-LAKES)/BRECKENRIDGE, TX -- to debtor-in-possession status with a filing asking to place the stations into a liquidating trust, with MEDIANEWS executive JOSEPH LODOVIC as trustee.
The filing asks to put the stations into the AFFILIATED MEDIA, INC. FCC TRUST to expedite the company's emergence from bankruptcy and streamline the procedure by which the stations will be sold off. GRAHAM NEWSPAPERS and the trust have entered a Time Brokerage Agreement to continue to operate and program the stations.
In another FCC filing, HISPANIC CHRISTIAN COMMUNITY NETWORK, INC. is selling K260BC/JOHNSON CITY, TX to RIO BRAVO ENTERTAINMENT LLC for $25,000.
And in a deal not yet filed with the Commission, REDWOOD BROADCASTING CO. is selling Classic Rock KXGO/ARCATA-EUREKA, CA to LOST COAST COMMUNICATIONS, INC. for an undisclosed price. KALIL AND CO. served as broker for the deal.