Alpha Media Files FCC Paperwork For Emergence From Bankruptcy

Emerging From Chapter 11

ALPHA MEDIA has filed the paperwork with the FCC to transfer its licenses back from debtor-in-possession status to non-debtor-in-possession status as it emerges from Chapter 11 bankruptcy. ALPHA MEDIA filed for bankruptcy in JANUARY and is asking the FCC to consider its emergence in two steps, first by approving the transfer from debtor-in-possession status, and then, upon a later filing, considering ALPHA's final ownership structure, which it says will include more than 25% foreign ownership. For the latter, ALPHA is asking for a waiver of the rules while the process plays out.

As for ALPHA's new ownership structure, METLIFE will hold 43.7% of the equity and voting interests. HAMILTON LANE INC. subsidiaries FLORIDA GROWTH FUND LLC and HAMILTON LANE STRATEGIC OPPORTUNITIES 2016 FUND LP will own 49% and INTERMEDIATE CAPITAL GROUP PLC and its subsidiary ICG NORTH AMERICA HOLDINGS LTD. will own 5.8%.

METLIFE entities will be attributed with 6.6% foreign ownership of the new ALPHA, with HAMILTON LANE representing 0.25% voting and 8.1% equity foreign ownership of ALPHA and INTERMEDIATE CAPITAL GROUP representing 5.8% foreign ownership in the company. The new organization will have BOB PROFFITT remaining CEO, with a five-member Board of Directors; CFO JOHN GROSSI will serve as Secretary.

ALPHA has also requested a waiver of the Commission's auction rules to allow it to participate in upcoming Auction 109.

John Beck Sells His Shares In Flagstaff Stations

In other filings with the FCC, JOHN BECK is selling his 56% of STONE CANYON OF FLAGSTAFF, LLC, licensee of News-Talk KBTK (97.1 THE BIG TALKER)/KACHINA VILLAGE, AZ; Classic Rock KWMX (96.7 THE WOLF)/WILLIAMS, AZ and its boosters in FLAGSTAFF and SEDONA; Country KSED (KOLT COUNTRY 107.5)/SEDONA, AZ; and 80s KFLX (REWIND 92.5 & 104.1)/CHINO VALLEY, AZ, to 44% owner DANA WITHERS for $35,000, giving WITHERS 100% of the company. BECK was recently named Market President at iHEARTMEDIA/ST. LOUIS.

Applying for STAs were RADIO BROADCASTING SERVICES, INC. (WCAT-A/BURLINGTON, VT, daytime-only operation to get the station back on the air despite problems with the nighttime array; station has been silent since last APRIL 1st); FIVE FORTY BROADCASTING COMPANY, LLC (WRGC-A/SYLVA, NC, reduced power operation from new site); COURINGTON & MASTIN MEDIA, LLC (WQRX-A/VALLEY HEAD, AL, reduced power to return silent station to the air); and CMG COASTAL CAROLINA, LLC (WNCT-A/GREENVILLE, NC, reduced power due to partial transmitter failure).

LEGEND COMMUNICATIONS OF WYOMING, LLC  has applied for a Silent STA for K225CO/GREYBULL, WY due to weather damage.

And THE BREWERY ARTS CENTER has closed on the sale of low power FM KNVC-LP/CARSON CITY, NV to THE END OF THE TRAIL BROADCAST PROJECT for one dollar; the buyer has been operating the station under a Management and Programming Agreement since 2017.

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