Television
On September 26, 2006, Multicultural Broadcasting made an agreement with The E. W. Scripps Company to buy five of Scripps' Shop At Home/Jewelry Television affiliated broadcast television stations for $170 million. Sales were final on KCNS (San Francisco), WOAC (Canton, Ohio; now WRLM), WRAY-TV (Raleigh/Durham, North Carolina) on December 20, 2006, followed by WMFP (Boston) and WSAH (Bridgeport, Connecticut). Prior to that, the five stations switched to a 24-hour infomercial format. The Sunbelt Television-owned KHIZ (now KILM) (Barstow, California) has been absorbed into Multicultural's portfolio upon FCC approval, however, it remains an affiliate of America One.
On November 5, 2008; Multicultural Broadcasting has suffered financial defaults of $135 million in loans and the company has headed into a trust under the care and feeding of Lee W. Shubert for the purposes of selling off assets and paying off their creditors. Stations included KCNS, WMFP, WOAC, and WRAY-TV. WOAC was the first to be picked up on June 24, 2009 by Tri-State Christian Television, through Radiant Life Ministries. WRAY-TV was sold in October 2009. In January 2011, KCNS, WMFP, and WSAH were sold to NRJ TV, LLC. KILM will be the only remaining TV station in the Multicultural group.
Arthur Liu has also sold its headquarters located at 449 Broadway.
Read more about this topic: Multicultural Broadcasting
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