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.”
Photo credit: Corey Welch via flickr.com
Having a former mayor buy a TV station sounds like a terrible idea.
The mayor has zero experience in television, which means that he probably won’t have what it takes to bring the station up from rock bottom.
At that point, it would be better even if NexStar bought the station.