Attachment Attachment Two SES-ASG-20110329-00392

Attachment Attachment Two

This document pretains to SES-ASG-20110329-00392 for Assignment on a Satellite Earth Station filing.

IBFS_SESASG2011032900392_878865

$Assignment of License Application (FCC Form 312) Attachment 2 DESCRIPTION OF TRANSACTION Pursuant to an Asset Purchase Agreement dated February 9, 2011, Citadel Communications, LLC (“Citadel”) agreed to acquire substantially all the assets of commercial broadcast television station WLNE- TV, New Bedford, MA, from Mathew J. McGowan, the Rhode Island Superior Court appointed Permanent Receiver of Global Broadcasting of Southern New England, LLC, former FCC licensee of station WLNE. On March 22, 2011, the Rhode Island Superior Court approved the sale of the assets of station WLNE to Citadel on the terms set forth in the Asset Purchase Agreement. Those terms include payment by Citadel of a purchase price of $4,000,000, and the assumption by Citadel of certain obligations of the station. Consummation of the sale is conditioned upon consent of the FCC to the assignment of the FCC licenses for the station to Citadel. Citadel is a long-standing and experienced broadcaster which, with its affiliates, owns and operates four other full power television stations licensed by the FCC. The grant of this application is in the public interest because it will enable the station to emerge from receivership, and place it under the stewardship of a financially and technically capable broadcaster able to improve service to the citizens of New Bedford and the surrounding areas. DC\1433441.1$

Document Created: 2011-03-25 16:25:01
Document Modified: 2011-03-25 16:25:01