UNIVERSITY PARK, Pennsylvania — The Penn State board of trustees has unanimously approved the material terms of a proposed transaction to transfer the operating assets of WPSU public radio and television stations to WHYY, a public media organization based in Greater Philadelphia (licensed out of Wilmington, Delaware), which serves the tri-state region. The trustees' action preserves the University’s goal to continue its focus on its core educational mission, while supporting free access to public media for WPSU’s 1.5 million citizens in Central Pennsylvania.
The board’s decision also authorizes the University to negotiate and execute definitive agreements to complete the transaction with WHYY. WHYY’s board of directors also must vote on the proposed acquisition, and it must be approved by the Federal Communications Commission before it is finalized.
The vote comes a month after the board voted down the original offer to sell WPSU to WHYY, which called for the University to annually step down its operating support for WPSU over the next five years, giving WHYY the time to bring WPSU back into the black without the benefit of Penn State and federal support. That decision meant WPSU would cease operations by next summer. Trustees said the University could not take on such a significant financial commitment, especially given other pressures facing higher education. In the revision to the transaction’s terms, WHYY will seek to identify third-party sources to meet that financial obligation.
Comments
No comments on this item Please log in to comment by clicking here