OTA Buying Providence CW For $13.8 Million
Spectrum speculator OTA Broadcasting is adding to its portfolio of TV stations, whose spectrum it hopes to eventually sell to the government.
OTA has agreed to buy WLWC Providence, R.I. (DMA 53), from Sinclair Broadcast Group for $13,750,000, according to an FCC fililng seeking approval of the deal. Sinclair purchased the CW affiliate and six other Four Point Media stations from Cerberus Capital Management for $200 million last year.
OTA, which is owned by computer retailing billionarie Michael Dell and his family, has bought at least three other full-power stations for a total of $16.1 million.
As part of its incentive auction initiative, the FCC is encouraging broadcasters to give up their spectrum so that it can be auctioned to wireless carriers.