Raycom Media and Barrington Broadcasting said Monday that they have reached an agreement under which Barrington will pay $262 million to acquire 12 Raycom television stations in nine markets.
The sale of the stations comes more than a month after privately held Raycom closed its $987 million acquisition of Liberty Corp., which owned 15 stations. The deal also follows on a plan announced last November by Montgomery, Ala.-based Raycom to shed 12 stations amid its purchase of Liberty.
The sale’s completion is predicated on approval from the Federal Communications Commission.
Monday’s sale includes the following television stations:
Barrington is a Hoffman Estates, Ill.-based owner of six television stations. It was founded in 2003 by private-equity firm Pilot Group.