Former Providence Mayor Enters Race to Acquire WLNE

By Andrew Gauthier 

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.

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