Attorney General Neronha approves merger of Rhode Island PBS – The Public’s Radio
PROVIDENCE, R.I. – Today, Rhode Island Attorney General Peter F. Neronha announced the approval of Rhode Island PBS and The Public’s Radio’s application to merge into a new combined entity.
Consistent with the process set forth by the Public Radio Conversions Act, the Office of the Attorney General completed its required review of the proposal and today approved the transaction.
“Public media contributes uniquely and substantially to the quality of life in Rhode Island, and its ongoing vitality is critical,” said Attorney General Neronha. “For many Rhode Islanders, PBS and The Public’s Radio have been important local sources of media and as a new combined entity, they will be able to sustain the value they contribute to our state. I would like to recognize those involved in this transaction – public stakeholders, the parties, and our team in the office who reviewed the transaction – for their attention and efforts throughout this process.”
As detailed in the decision, the Office determined that the merger is likely to constitute a community benefit, following an evaluation that considered 31 statutory criteria that fall into four general categories: governance and board approval, valuation and due diligence, potential conflicts of interest, and harm to public devises, gifts or bequests.
Timeline
On November 16, 2023, the Rhode Island PBS Foundation and The Public’s Radio submitted their application for the proposed merger. At the Attorney General’s request, the parties to the merger supplemented their application with additional materials on January 12, 2024.
On February 7, 2024, the Office of the Attorney General deemed the application complete. Subsequently, the Attorney General hosted a
until February 29, 2024.
The review was led by Assistant Attorney General Stephen Provazza and Special Assistant Attorney General Alex Carnevale of the Office’s Public Protection Bureau.
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