With the help of $300,000 from two major donors and a bank loan of up to $337,000, WLIU-FM management is now prepared to buy the station’s independence from longtime licensee Long Island University. The new nonprofit licensee, Peconic Public Broadcasting, said today it assembled the remaining $637,000 of the purchase price. Earlier this year, Peconic came up with a $213,000 down payment.
Six supporters guaranteed the $300,000 loan from Bridgehampton National Bank. Peconic plans to pay down the loan with its ongoing capital campaign. After assuming ownership, the station will be able to seek capital donations on the air for the first time, a spokesman said.
Though the station has a small translator at mid-island, most of its listeners live in the resort communities on the island’s eastern tip, where it faces competition from translators of larger Connecticut public radio stations. The university will be paid after the FCC license is transferred.