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.