Local group buys WLIU from university

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Long Island University has agreed to sell the license for NPR affiliate WLIU to local Peconic Public Broadcasting. A statement on the grassroots organization’s website reports that the university today accepted Peconic’s bid, a total value of $2.43 million, and that LIU has agreed to keep the station at full strength during the closing period in mid-December. “The station is projected to be self-sustaining by mid-2011 and does not anticipate the need for subsidies or additional capital raises beyond our current capital raise,” added the statement, signed by Peconic President Wally Smith. In August, the university gave WLIU until October to raise $2 million for the license (Current, Aug. 24). Assisting the local group were celebrities such as Rolling Stone founder Jann Wenner, actor Alec Baldwin and The View co-host Joy Behar.