Phil Lombardo's Citadel Communications has agreed to acquire troubled WLNE Providence for $5.8 million. The transaction includes $4 million in cash and $1.8 million in receivables and other assets that will go to the court-appointed receiver, reports Providence Business News.
Global Broadcasting's WLNE, an ABC affiliate, entered receivership in July. Global had acquired the station for $14 million in 2007. It's based in DMA No. 53, which has had considerable economic ills.
Citadel is scheduled to take over May 1. A local marketing agreement effective April 25 will allow Citadel to take over the station while approval of the sale is sought from the FCC, reports Providence Business News, which should happen around the end of June.
New York-based Citadel also owns WOI Des Moines, KLKN Lincoln and KCAU Sioux City, all ABC affiliates, and WHBF Rock Island (Ill.)