Cox Media Group Reaches Definitive Agreement to Sell TV Stations in Four Markets
ATLANTA, Feb. 25, 2013 /PRNewswire/ -- Cox Media Group (CMG) has reached a definitive agreement with Sinclair Television to sell TV stations in four markets as part of its broadcast portfolio realignment. The markets include:
- El Paso, Texas (KFOX-TV) (Fox affiliate)
- Johnstown, Penn. (WJAC-TV) (NBC affiliate)
- Reno (KRXI-TV (Fox affiliate) and KAME-TV (MyNetwork affiliate)
- Steubenville, Ohio (WTOV-TV) (NBC affiliate)
This news follows on the heels of CMG's Feb. 12 announcement that Connoisseur is buying CMG's Southern Connecticut radio stations and that SummitMedia is buying radio stations in Birmingham, Ala.; Greenville, S.C.; Hawaii; Louisville, Ky.; and Richmond, Va. All sales are expected to close during the second quarter following receipt of regulatory approvals. CMG is working with Citi as financial advisor and Dow Lohnes as transaction and regulatory counsel for all transactions.
The broadcast realignment, announced in July 2012, is part of CMG's strategy to focus on larger markets, cross-media collaboration, and heightened impact in fewer markets.
"All of these media locations are valued brands with talented professionals who are committed to their audiences, advertisers and communities," said CMG President Doug Franklin. "We wish all of the employees well and know they will continue to work hard to produce quality entertainment, news and information for their customers and new owners."
As part of its broadcast realignment, CMG recently added four new TV stations in two markets – Jacksonville, Fla. and Tulsa, Okla. – to its broadcast group. The new stations – WAWS-TV (Fox) and WTEV-TV (CBS) in Jacksonville and KOKI-TV (Fox) and KMYT-TV (MyNetwork) in Tulsa – will provide opportunities for collaboration with CMG's other businesses in those markets. CMG owns and operates WAWS-TV, KOKI-TV and KMYT-TV and provides operating services to WTEV-TV, which is owned by Bayshore Television.
About Cox Media Group
Cox Media Group is an integrated broadcasting, publishing, direct marketing and digital media company that includes the national advertising rep firms of CoxReps. Additionally, CMG owns Cox Target Media, which operates Valpak, one of North America's leading direct marketing companies, and Savings.com, a leading online source for savings. The company's operations currently includes 19 broadcast television stations and one local cable channel, 87 radio stations, eight daily newspapers and more than a dozen non-daily publications, and more than 100 digital services. CMG currently operates in more than 30 media markets and reaches approximately 52 million Americans weekly, including more than 32 million TV viewers, more than 4 million print and online newspaper readers, and 18 million radio listeners. For more information about Cox Media Group, please check us out online at www.coxmediagroup.com.
SOURCE Cox Media Group