22 TV Stations Changing Hands as Owner Unloads Them to Three Different Buyers WSJ
A private-equity firm confirmed that it has closed three separate deals shifting a total of 22 television stations to three different buyers, The Wall Street Journal reports.
Providence Equity Partners said its Newport Television LLC signed deals totaling about $1 billion, moving 12 stations to Nexstar and a partner firm, six stations to Sinclair and four stations to Cox Media Group.
“Newport currently owns or operates 29 stations and has an additional 27 stations distributed as digital multicast streams,” the report notes. The company will be left with five stations, and plans to sell those later in a separate deal.
“Newport on Thursday confirmed it will sell four stations to Cox Media Group, including WAWS and WTEV in Jacksonville, Fla., and KOKI and KMYT in Tulsa, Okla.,” the story reports.
Sinclair said it has agreed to buy six stations from Newport for $412.5 million, in a deal that it expects to close no sooner than December. The story reports: “Sinclair said the Newport stations it is buying are WKRC in Cincinnati; WOAI in San Antonio; WHP in the Harrisburg/Lancaster/Lebanon/York, Pa., area; WPMI and WJTC in Mobile, Ala., and Pensacola, Fla.; and KSAS in Wichita/Hutchinson, Kan.”
Sinclair also will take over Newport’s local marketing agreements with two stations: WLYH in Harrisburg, Pa., and KMTW in Wichita, Kan.
The report adds: “Nexstar said it and an affiliated company agreed to acquire 12 television stations from Newport for around $285.5 million. Nexstar will acquire 10 stations in seven markets, including Salt Lake City and Memphis, Tenn., as well as Newport's Inergize Digital Media, a provider of digital management systems. Its partner, Mission Broadcasting Inc., will acquire two stations in Little Rock, Ark.”