Citadel Comm. Posts Leading Bid For WLNE Thus FarBroadcast group is "stalking horse"; other bidders have to post their price before March 18 2/10/2011 09:40:29 PM Eastern
Citadel Communications has been selected as the so-called stalking horse in the sale of WLNE Providence, meaning it has established the benchmark bid as the next round of the sale progresses. Other interested parties have until March 18th to submit competing bids.
Global Broadcasting is selling the struggling ABC affiliate.
"We are very pleased that an established, successful and financially secure company like Citadel has emerged as the stalking horse bidder in this process," said Matthew McGowan, the court-appointed receiver overseeing the sale process of WLNE. "We have a number of other well-qualified offerors who are interested in acquiring the station, and now that the stalking horse bid has been established, we are prepared to move forward toward obtaining court-approval for a sale."
There will be a hearing in the Superior Court in Providence on March 22nd, during which the prevailing bidder will be selected.
Citadel Communications' stations include WOI Des Moines, KLKN Lincoln (Neb.) and CBS affiliate WHBF Davenport.
Cobb Corp. is handling the sale.