01.10.2008 01:13 AM
Hawaii’s KGMB Gets Property Bought Out From Under It
Local investors bought the headquarters of Honolulu CBS-affiliate KGMB, and the land it sits on, for $12.35 million, Pacific Business Journal
Lionking II LLC, completed the purchase of the KGMB building and land Dec. 31. The paper said KGMB will lease back the building while it looks for a new location.
Indianapolis-based Emmis Communications sold the station and its property last year for $40 million to a subsidiary of GMC Television Broadcasting Holdings in Arlington, Va. The newspaper reports that the land was considered at the time to be more valuable than the station because of its desirability for development. It also said the Lionking had no immediate development plans.