A station group that owns or operates TV and radio stations in 20 states, covering more than 16% of U.S. television households, is merging with a newspaper group that owns more than 110 newspapers, websites and publications in 22 states.
The AP reports that Community Newspaper Holdings Inc. announced the merger agreement with Raycom Media Inc. today.
“Both companies are based in Montgomery, Alabama, and are financed by the Retirement Systems of Alabama, which manages pension funds for state employees,” the report notes.
Raycom Media reportedly owns or operates 65 television stations and two radio stations, mostly in Southern states.
“Under the merger agreement, CNHI will operate as a Raycom Media subsidiary,” the report notes. The merger is expected to be completed Sept 29.
In its statement, CNHI noted that in seven instances where markets for Raycom Media broadcast stations and CNHI newspapers overlap, the newspaper properties will be sold to a third party, the report adds.