Sam Zell |
Zell backed longtime owner/operator Jerry Lee in 2006 when he bought the family of his former partner Dave Kurtz, who died. At the time, station values was hefty and he paid $85.1M for Kurtz' 50.00005% percent of the company. In March 2015, there was a cash payment (financed) of $63 million, plus a note for $22,158,226.
In the filing with the FCC, Zell expands the board from three members, with one designated by the Zell fund, to five members. Zell names the two new members, Nils Larsen and Kathleen Steele. Because this is a change of control of Jerry Lee LLC, it needs to go through the FCC and be approved. This week's filing indicates that the sale process is well underway, and the Zell Credit Opportunities Fund and backer Methuselah Capital Partners are searching for the next owner.
WBEB 101. FM (14 Kw) Red=Local Coverage Area |
Ironically WBEB signed-on as WDVR on this date in 1963. Read More Now.
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