Six legitimate bidders have expressed interest in for WLNE Providence, says Steve Doerr, VP and general manager at the station. One from that group will be deemed the best fit by the court-appointed receiver in the next few weeks, both for the price it has offered and for the structure of the deal it proposes. The leading bidder's so-called "stalking horse bid" then sets the benchmark bid for a subsequent auction.
Global Broadcasting of Southern New England owns WLNE, an ABC affiliate in DMA No. 53. Around 80 people work at the station, which entered receivership in July. Similar to Chapter 11, receivership gives a distressed business concern breathing room to regroup and reorganize.
The media brokerage firm Cobb Corp. is handling the sale. Providence attorney Matthew McGowan is the appointed receiver of the station.
"It's a slow process," says Doerr, "but we're getting there."
Global Broadcasting acquired WLNE from Freedom Broadcasting for $14 million in 2007.