KADY-TV Sold in Bankruptcy Auction
A court-supervised bankruptcy auction of Oxnard’s KADY-TV 63 on Monday ended in the sale of the struggling station to media broker Brian Cobb.
The station, founded in 1985 as KTIE-TV, sold for $11 million. The amount topped the previously announced all-cash bid of $8 million by Paxson Communications Corp., a Florida-based infomercial carrier.
The auction came 14 months after U.S. Bankruptcy Court Judge Robin Riblet appointed a trustee to bring the station back to fiscal health. John W. Hyde of Crossroads V Communications took control of the station from owners John and Erica Huddy last year. The Huddys bought KADY in 1991 for $50,000 down and a $3.75 million note.
Cobb will seek license and transfer approval from the Federal Communications Commission. Creditors with claims totaling between $10 million and $15 million will receive payment following the sale.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
