Citadel Named Top Bidder For WLNE

Others interested in bidding for the Providence, R.I., ABC affiliate have until March 18 to submit offers.

By Staff | February 10, 2011 | 7:28 p.m. ET.

Citadel Communications LLC — which together with its affiliates, owns and operates network-affiliated television stations in several markets — has been selected as the stalking horse bidder in the sale of WLNE, the ABC affiliate in Providence, R.I. (DMA 53). Attorney Matthew McGowan, the court-appointed receiver overseeing the WLNE sale process, made the announcement Thursday.

“We are very pleased that an established, successful and financially secure company like Citadel has emerged as the stalking horse bidder in this process,” said McGowan. “We have a number of other well-qualified offerors who are interested in acquiring the station, and now that the stalking horse bid has been established, we are prepared to move forward toward obtaining court-approval for a sale.”

Those offerors will have until March 18 to submit competing bids. There will be a hearing in the Superior Court in Providence on March 22 during which the prevailing bidder will be selected and approved by the court.

CobbCorp serves as the exclusive adviser to WLNE’s receiver, Salter, McGowan, Sylvia & Leonard.