Former Providence Mayor Joseph R. Paolino, Jr. announced his intentions to submit a counteroffer to Citadel Communications’ $4 million bid for WLNE. According to The Providence Journal, Paolino and a group of unspecified investors will submit a bid for the troubled ABC-affiliate. Under terms laid out by the stalking horse bidder, any counteroffer must exceed the original bid, plus add the $150,000 breakup fee, and be at least $50,000 higher than the stalking horse bid.
Any and all bidders have until March 18th to submit a bid, as the station will be auctioned off on March 22nd. The station’s current owner, Global Broadcasting, purchased channel 6 in 2007 for $14 million. The current bid of $4 million is described by Citadel CEO Phil Lombardo as “[being] the proper value.”
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