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Pappas Gets TV Stations Sale Approval

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After declaring bankruptcy last year, Pappas Telecasting received approval from the U.S. Bankruptcy Court for the District of Deleware to sell all of its TV stations to New World TV Group for $260 million.

The sale of Pappas' Reno, Nev. station was sold to Entravision Communications and approved last October.

New World TV Group, an entity backed by Pappas' primary creditors including Fortress Credit Corp., Cerberus Capital Management and Angelo Gordon & Co., won the auction for Pappas' assets, which includes 10 stations in Fresno-Visalia, Calif; San Francisco-Oakland-San Jose, Calif; Walla Walla, Wash.; Houston; El Paso, Tex.; Omaha, Neb.; Sioux City, Iowa; and Greensboro-High Point-Winston-Salem, N.C.