Update 12/3: Connoisseur has gained approval from U.S. Bankruptcy Court Judge Kevin Gross to assume operations of the Nassau stations in New Jersey and Pennsylvania and has begun operating the stations via LMA.
Original Report 11/21: Connoisseur Media has agreed to acquire the remaining Nassau Broadcasting stations in New Jersey and Pennsylvania for the $38.7 Million credit bid made by Goldman Sachs, Fortress Capital and P.E. Capital plus $1,633,890 in administrative costs.
Should the deal be approved by the bankruptcy court next week, Connoisseur will begin operating the stations immediately via LMA. Connoisseur would pay $200,000 for the first two monts, $100,000 the following two months, and $500,000 each additional month it leases the stations until the sale is approved by the FCC and closes.
The stations involved in the sale are as follows:
In the Allentown PA market: Christian “1160 The Light” WBYN Lehighton, Sports simulcast “ESPN LV” 1230 WEEX Easton and 1320 WTKZ Allentown, Classic Rock “99.9 The Hawk” WODE Easton, and rimshot Rock “107.1 The Bone” WWYY Belvidere NJ.
In the Stroudsburg PA region (part of the Wilkes-Barre/Scranton market): Talk 840 WVPO Stroudsburg and Hot AC 93.5 WSBG Stroudsburg.