Reading Broadcasting, Inc.
Reading Broadcasting, Inc. (‘RBI’ or the ‘Company’) owns and operates the full-power commercial independent television station WTVE Channel 51 (Analog), and Channel 25 (Digital). RBI was founded in 1976 and commenced broadcast operations in May of 1980.
Due to technological shifts in the broadcasting industry, RBI filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 7, 2005. SSG was retained by the Trustee in March 2006 as the exclusive financial advisor to explore strategic alternatives for RBI, including, but not limited to, the sale of RBI’s business and substantially all of its assets.
RBI and SSG moved quickly to explore strategic alternatives, including a sale or refinancing of the Company. After conducting a broad sale process and negotiating with several strategic and financial partners, SSG and RBI concluded that the greatest value for RBI’s stakeholders would be achieved by a sale of its assets to an affiliate of the Regional News Network. The sale transaction closed in June.