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 ...[Read More]
Update 6/14: Two of the stations that Jeff Shapiro’s Vertical Captial Partners acquired the rights to will be spun off to a third party to keep Shapiro under FCC ownership limits. “101.5 The Fox” WEXP Brandon and “Oldies 104.3” WWOD Hartford, VT will be sold William and Gail Goddard’s Electromagnetic Company. Both WEXP and WWOD have simulcasts that will be staying with Vertical Capital so we will need to wait to see what happens with the programming at the pair. Update 5/23: Bill Binnie’s Carlisle Capital has won the bidding for $12.5 Million. The stations will be spilt upon Binnie’s WBIN Media and Jeff Shapiro’s Vertical Capital Partners as follows: WBIN Media will receive 17 stations: Maine – Talk/Oldies 870 WLVP Gorham and 1470...[Read More]
Nassau Broadcasting has petitioned its bankruptcy judge to allow the company to auction off all of its broadcast assets. Nassau, headed by Lou Mercatanti spread from its base at WPST Trenton, NJ to operate almost 50 stations in seven Northeastern states. If the court approves the liquidation, bids will be due on May 1 with the auction taking place on May 8. Among the larger markets Nassau operates in are Portland ME, Frederick MD, Cape Cod MA, and Allentown PA. The company also owns stations in New Hampshire and Vermont.