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Pappas's Channel 42 closer to auction block

Central Valley broadcast titan Henry Pappas may have to put 10 of his TV stations, including the Bay Area’s KTNC Channel 42, up for bankruptcy auction next week. A federal bankruptcy judge has signed off on the procedures to sell the assets owned by Pappas Telecasting Companies, according to the Fresno Bee.

The only way any of the stations would not go on the auction block is if at least two qualified buyers submit bids by Thursday(Dec. 4), according to the Bee. If no buyers come forward, the auction would be held Dec. 11. Approval of any auction sales would be Dec. 16 at a U.S. bankruptcy court in Delaware.

The stations are (with city of license in parenthseis):

The bankruptcy doesn’t involve the Pappas family’s KTRB-AM, a 50,000-watt station in San Francisco.

Marc Berman, senior television writer for Mediaweek, a national publication that covers the television industry, said he doesn’t expect buyers to be standing in line to bid on the television stations. And if there are any buyers, they will be looking for a great deal.

“Because of the way the economy is, it will be bargain-basement offers. I don’t think people will be throwing money at television stations right now,” Berman told the Fresno newspaper.

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