Original Link Here:
http://www.mediabistro.com/tvspy/its-trading-day-five-station-groups-buy-and-sell-ten-stations_b127277t’s Trading Day! Five Station Groups Buy and Sell Ten Stations
Five station groups have undertaken a station swap similar to what
happens at the trading deadline in professional sports. This time,
though, the moves affect hundreds of people.
Media General and LIN Media, looking to comply with Federal
regulations over ownership rules have initiated a TV station swap
involving Sinclair Broadcast, Meredith and Hearst Corporation.
Here’s the breakdown:
Sinclair will buy from Media General: Providence NBC affiliate WJAR
Sinclair will buy from LIN Media: Green Bay FOX affiliate WLUK, Green Bay CW affiliate WCWF and certain assets of Savannah, GA, FOX affiliate WTGS and the rights to acquire the principal assets of WTGS, which is operated by LIN but owned by WTGS Television, LLC.
Media General will buy from Sinclair: Tampa, FL, MyTV affiliate WTTA, creating a duopoly since they already NBC affiliate WFLA. Colorado Springs FOX affiliate KXRM and Colorado Springs CW affiliate KXTU.
Media General will sell to Hearst: Birmingham, AL, NBC affiliate WVTM.
LIN Media will sell to Hearst: Savannah, GA, ABC affiliate WJCL.
Meredith will buy from LIN Media: Mobile-Pensacola FOX affiliate WALA.
“We’re pleased to announce this divestiture plan, which we believe
should clear the way for our business combination with LIN Media to move
forward in the regulatory approval process,” George L. Mahoney, president and CEO of Media General said in a statement.
“This transaction not only allows us to strengthen our portfolio
geographically, but because it frees up 0.7% of national ownership cap,
it allows us the ability to acquire additional television stations that
are core to our asset base,” David Smith, president and CEO of Sinclair said in a statement.
Sinclair’s Smith added, “Although there is a need for regulatory
reform to increase the ownership cap, swaps like this one are
advantageous to us in that we are trading a single station MyNet
affiliate in a large market, allowing us to acquire quality television
stations in smaller DMAs.”
In its press release, Sinclair said its looking for “the receipt of a
waiver to allow the continued joint ownership of the two Green Bay
stations.”
RELATED:
- Sinclair Names New GMs in Washington, DC and Columbus Markets
- Kelly Lattimer Named GM of WQRF-WTVO
- Brad Ramsey Promoted to VP of Sales for Gannett Broadcasting
- Nexstar Sells Evansville Station for $18.6 Million
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