Brooks Pierce Partners Advise Longtime Broadcaster on Sale of Two Television Stations
Brooks Pierce partners Elizabeth Spainhour and Mark Prak served as both transactional and FCC regulatory counsel in the sale of two Citadel Communications television stations. The stations, KLKN in the Lincoln & Hasting-Kearney market (DMA number 111) and WLNE-TV in the Providence-New Bedford market (DMA number 53), are both affiliated with the ABC Television Network.
The stations were purchased by Standard Media Group for $83 million with the closing of the sale contingent on approval of the Federal Communications Commission (FCC).
Citadel Communications and its principal, Philip J. Lombardo, are well-known participants in the broadcast business as owners and operators of television stations for decades. Following the sale of KLKN and WLNE-TV, the company will continue to own and operate a news-centric low power television station in Sarasota, Florida.
Spainhour represents media companies in all aspects of their business, including mergers, acquisitions and FCC regulatory matters.
Prak has practiced media and communications law for 39 years. His principal clients are media and communications enterprises, such as digital media and web-based businesses, television and radio stations, newspapers, wire services, magazines and cable companies as well as trade associations representing these industries.