Buyer Of Reading Eagle Plans To Shut Down WEEU/Reading, Seek Buyer For Radio Station

Shutting Down?

MEDIANEWS GROUP has won the bidding for the bankrupt company that owns the READING EAGLE newspaper, and as part of the purchase, the buyer has told bankruptcy court that it will shut down News-Talk WEEU-A/READING and look for a buyer for the radio station.

The EAGLE reports that MEDIANEWS, the newspaper company that has been controversial for its cost-cutting measures critics term "strip-mining" assets, is paying $5 million, the minimum bid for the READING EAGLE COMPANY assets, and will shutter WEEU upon closing the purchase, no later than JULY 31st. It will then look for a buyer for the license, also allowing the radio buyer to use the station's tower, antenna, and transmitter for up to 5 years or until MEDIANEWS sells those assets, whichever comes earlier.

MEDIANEWS was the only bidder for the newspaper, which filed for Chapter 11 bankruptcy on MARCH 20th.

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