FCC OKs Nassau Broadcasting Restructuring
February 25, 2010 at 10:30 AM (PT)
The FCC has approved the restructuring plan of NASSAU BROADCASTING that swapped equity in the company for debt held by lenders led by GOLDMAN SACHS.
The plan includes divestiture of three radio stations in NEW HAMPSHIRE and MAINE and a spin-off of three stations in CAPE COD to a company controlled by NASSAU's management but without the participation of GOLDMAN SACHS due to overlap with other stations in which the lender has an interest. The Commission also found that overlap of NASSAU's TRENTON and ALLENTOWN market stations with independent/infomercials/brokered WTVE (TV)/READING, in which GOLDMAN SACHS has an interest, does not raise concentration concerns.