On October 24, LocusPoint Networks, a subsidiary of the Blackstone Group, the largest hedge firm in the world, filed an injunction to block the sale of KCSM-TV to North Bay Public Media after KCSM owner, the San Mateo College Community District, was ejected from the FCC spectrum auction for failing to file a bid.
Locuspoint had been subsidizing the operations of the television station by paying the school district $900,000 a year since 2013 in exchange for 36.5% of the spectrum sale proceeds, which were estimated to be as much as $114 million dollars in total. Continue reading Blackstone Group Subsidiary Files To Block KCSM-TV Sale