The race for WLNE is heating up as an investment group led by former Providence Mayor Joseph R. Paolino Jr. plans to counter the $4 million bid placed last week by “stalking horse” contender Citadel Communications.
Paolino served as Providence’s mayor from 1984-1991. He currently runs his family’s real estate company, Paolino Properties, which is headquartered in Providence.
Attorney Matthew McGowan, the court-appointed receiver overseeing the sale of WLNE, announced last Thursday that Citadel Communications was the “stalking horse” bidder in the upcoming hearing to choose the troubled ABC-affiliate’s new owner. “Stalking horse” status essentially means that Citadel Communications’ bid is the benchmark for the proceedings since Citadel will receive a fee from the sale of the station if they are not chosen as the winner.
Following news of a Paolino bid, McGowan told The Providence Journal that there are a half-dozen other parties seriously interested in buying WLNE.