Public 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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