Here's an item those teaching television and politics might find of
interest, especially given the anti-Newt venom spilled on this list:
WASHINGTON (Reuter) - National Broadcasting Co. (NBC) has agreed to
forgive most of a $10 million loan it made to Albimar Communications Inc., a
company owned by Commerce Secretary Ron Brown and several partners, the
Washington Post reported Saturday.
The loan was made in 1988 when NBC sold Washington radio station WKYS-FM
to Albimar, whose owners also include James Kelly, husband of former D.C.
Mayor Sharon Pratt Kelly and Bertram Lee, a Boston broadcasting executive and
longtime friend of Brown's, the newspaper said.
Albimar lost money on its investment and has agreed to sell the station
to Radio One Inc. for about $8.5 million less than it paid, according to the
To facilitate the sale, NBC has agreed to absorb much of the loss by
forgiving the loan, souces familiar with the transaction told the newspaper.
An NBC spokeswoman was quoted as saying the company decided to forgive
Albimar's debt because the loan was long overdue and the network's lawyers
determined there was little chance of collecting.
NBC sold WKYS to Albimar for $42.5 million. As part of the deal, NBC
financed $10 million of the purchase price, the Post said. Albimar's
investors put up less than $1 million, according to financial reports filed
by Brown, and borrowed the rest from banks.
The Post said it could not determine from public records how NBC's
forgiveness of the debt would affect Brown or the other owners personally.
The Justice Department announced last week that it was launching a
preliminary probe to determine if an independent special prosecutor should be
named to investigate Brown's business ties before he took office and whether
he filed false financial disclosure forms, misled Congress or illegally
Transmitted: 95-02-25 01:43:46 EST
Any comments from the professors of film and television?