Radio station given another extension

Long Island University has once again given Peconic Public Broadcasting
Inc., the group which runs Long Island’s only NPR affiliate, more time
to make the final $637,000 payment to purchase the station’s license
and equipment.
LIU and Peconic Public Broadcasting issued a joint release stating the university has given the group, headed by staffers at 88.3 FM, until September 28 to make
the payment.  The previous deadline was August 31, which was then
extended until September 3.
“While PPB has not raised all of the
funds required to complete the purchase, it has indicated that
significant progress is being made and Long Island University has
agreed to the extension based upon their assurances that it will soon
have the funding needed to purchase the station,” the release states.
Earlier
this week, Peconic Public Broadcasting issued a statement indicating
that a local bank, which they did not name, has agreed to issue a loan
funding the difference. It also said the George Soros’ Open Society
Institute has made a $50,000 challenge grant in support of the
campaign. The grant must be matched by other contributions.
Peconic
Public Broadcasting, which was formed last year, beat out two other
suitors and signed a $2.4 million deal in October to purchase the
station from LIU. At that time, the group signed a letter of intent
with the university to purchase the station for about $850,000 cash,
with the rest coming in services. The station has been operating under
the call letters WPPB since then.
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