15 Jun Phil Falcone returns to IPTV Ownership
Until his June 2020 departure from HC2 Holdings Inc., Phillip Falcone was widely known across the broadcast media industry as a flashy big spender on low-power broadcast TV stations.
Then came accusations that Falcone defaulted on loans. His assets were frozen for failure to compensate his legal representatives. This followed by a 2019 court order that saw HC2 withhold some of Falcone’s salary in lieu of some $2.69 million in unpaid taxes to the City of New York.
All of that negative activity is firmly now in the past, as Falcone has reemerged as the head of a new entity that’s agreed to purchase two low-power TV stations in Los Angeles.
Falcone today serves as CEO of Sovryn Holdings, and lists an address of 450 Park Avenue in New York as its headquarters. That’s the same address of Harbinger Capital Partners, where Falcone has a major presence.
Madison Technologies, Inc.