California’s fifth largest public television station, KCSM-TV, has been the property of the College of San Mateo and its governing board, the San Mateo Community College District, for more than half century.
Recently the station, which once trained much of the Bay Area’s broadcasting corps with probably the best educational program ever offered at a public community college, has been very much unwanted property.
The station was put up for sale, twice, and some very reasonable offers from new operators were turned down in favor of a deal with a hedge fund, the Blackstone Group, to have subsidiary Locus Point Networks, eradicate the station entirely by selling its spectrum to wireless companies in the FCC’s spectrum auction.
The get rich quick scheme foundered. The District’s authorized bidder, who appears to have been VP Jan Roecks, failed to make a bid at some point in the complex procedure and KCSM-TV was dropped from the auction.