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
Famous quotes containing the word television:
“We cannot spare our children the influence of harmful values by turning off the television any more than we can keep them home forever or revamp the world before they get there. Merely keeping them in the dark is no protection and, in fact, can make them vulnerable and immature.”
—Polly Berrien Berends (20th century)
“So why do people keep on watching? The answer, by now, should be perfectly obvious: we love television because television brings us a world in which television does not exist. In fact, deep in their hearts, this is what the spuds crave most: a rich, new, participatory life.”
—Barbara Ehrenreich (b. 1941)
“Television is an excellent system when one has nothing to lose, as is the case with a nomadic and rootless country like the United States, but in Europe the affect of television is that of a bulldozer which reduces culture to the lowest possible denominator.”
—Marc Fumaroli (b. 1932)