Report: WLIU Buyer Raises Enough Money To Close On Deal
September 22, 2010 at 4:20 AM (PT)
PECONIC PUBLIC BROADCASTING has raised the $637,000 it needed to close on the purchase of noncommercial WLIU/SOUTHAMPTON, LONG ISLAND, NY from LONG ISLAND UNIVERSITY, reports the EAST HAMPTON PRESS.
The funding, in the form of a loan from a local bank and a large private pledge, comes after the deadline for closing was extended three times to SEPTEMBER 25th. If the deal does not close before the deadline, LIU has indicated that it will sell the station to another party, most likely a religious station operator.