For Young Broadcasting executive Deb McDermott is back in the game.
McDermott is heading up Standard Media that has been trying to buy TV stations for quite some time. Standard Media had a deal to buy some of the stations that Sinclair was spinning off in the Tribune deal. But then the FCC pulled the plug after Sinclair was less than honest with the agency.
So, Standard Media started looking to buy stations again and they finally found two to buy.
McDermott’s group is buying both WLNE in Providence and KLKN Lincoln-Hastings from Citadel Communications.
The price tag is $83 million bucks for both stations. Citadel bought WLNE out of receivership in 2011 for $5.8 million.
I’m thinking they made a good return on their investment.
McDermott’ says that Standard is looking for more stations to buy.