Penn State University’s board of trustees has approved the sale of WPSU’s operating assets to WHYY, a prominent Philadelphia media organization. This decision aims to sustain WPSU’s operations in central Pennsylvania for a minimum of three years.
Penn State and WHYY Collaboration
The university’s finance and investment committee previously rejected a proposal that involved Penn State paying $17 million over five years to assist in WPSU’s transition. Consequently, WHYY has committed to raising this amount independently. According to Sara Thorndike, Penn State’s Senior Vice President for finance and business, WHYY plans to fundraise at least $8.36 million within the first two years.
Exclusivity Period
There will be a 30-day exclusivity period granted to WHYY for securing financing commitments. During this period, other interested parties can express interest in WPSU, but no new agreements can be finalized. The goal is to finalize a definitive agreement with WHYY.
Financial Details
- WHYY will pay Penn State $1 at the closing of the deal.
- The transaction requires FCC approval and is targeted for completion by June 30, 2026.
WHYY has also assured that it will operate WPSU for at least three years. The commitment stems from concerns over the monetization of WPSU’s assets following the deal. Thorndike emphasized that WHYY’s intention is to maintain WPSU’s operations well beyond the initial three-year period.
Employee Opportunities
As part of the agreement, WHYY has stated its willingness to interview current WPSU employees for positions deemed essential. The finance and investment committee unanimously supported the measure, presenting a positive response from the full board.
Future Implications
David Kleppinger, chair of Penn State’s board of trustees, expressed satisfaction with the outcome, noting it was a preferable alternative to the previously rejected proposal. WHYY’s CEO, Bill Marrazzo, highlighted that this partnership seeks to ensure that the community of 1.5 million residents in Central Pennsylvania has continued access to quality public media and journalism.
This agreement signifies a new chapter for WPSU while preserving its legacy and contributing to WHYY’s mission of serving the public good.
