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Employee plans to buy Channel 33

Employee plans to buy Channel 33 By JOSEPH PRYWELLER Staff Writer VIRGINIA BEACH - TVX Broadcast Group Inc. has agreed in principle to sell its flagship independent television station, WTVZ, Channel 33, to the station's general manager, a TVX official said Monday. "We'll be cheering him on," said Eugene Loving, chairman of Virginia Beach-based TVX Broadcast Group. "Emotionally, it was difficult our flagship station, but as a public company, we were forced to listen to offers." Charles McFadden, who currently is vice president and "I go by the old saying, 'If it ain't busted, don't fix It.' " Charles McFadden, Buying the station he works for as general manager general manager of Virginia Beach-based WTVZ, agreed to buy the independent station for $10.75 million, Loving said. The sale is contingent upon approval by the Federal Communications Commission, which must decide within 90 days whether to agree to the sale, and the transaction's closing. McFadden said he entered the picture after TVX Broadcast Group was forced to recapitalize its debt load last year. In November, the TVX Broadcast Group, which owns six other television stations, refinanced $90 million in debt owed to Salomon Brothers, a New York investment banking company. Under the recapitalization plan, the company has two years to pay off the debt, 33 incurred when TVX purchased a group of other televisions stations. At the time of the ing, TVX had said it forced to sell several including WTVZ. The Beach station, which programming from work Television, was owned by TVX when bought in September Since the debt TVX has sold its Miami for $59 million to the work and is close to Memphis station for lion, Loving said. "We should pay off million debt early," refinanewould be stations, Virginia carries Fox Netthe first it was 1979. refinancing, station CBS netselling its $7 mil- our $90 said Lov- ing, who added that McFadden's offer was formally presented to the TVX board last week. McFadden, 55, is a 35-year broadcasting industry veteran who has been general n manager of WTVZ since January 1987. Before his present position, he was vice president of station operations for all of TVZ's stations. He said he expected to make no changes in programming or in personnel. "I go by the old saying, 'If it ain't busted, don't fix it,' " said McFadden, a Denver native. "We're the No. 1 independent Please see WTVZ, B6
Article from 04 Apr 1989Daily Press(Newport News, VA)
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