Schurz Communications has signed an agreement to acquire the CBS affiliate and its three satellites for about $73 million.
Following up on an announcement it made upon acquiring four NBC owned and operated stations recently, Media General has agreed to sell KCWH Wichita, Kan. to Schurz Communications of South Bend, Ind.
Schurz will acquire the assets of Media General’s CBS television station KWCH in Wichita, Kan., and its three satellite stations KBSD in Dodge City, Kan., KBSH in Hays, Kan., and KBSL in Goodland, Kan. The sales price is approximately $73 million. The transaction is subject to regulatory approvals and is expected to be completed in the third or fourth quarter of 2006.
On April 6, 2006, Media General announced that it would divest KWCH and three other CBS stations, WIAT in Birmingham, Ala., KIMT in Mason City, Iowa, and WDEF in Chattanooga, Tenn., as part of its acquisition of four NBC stations, which the company completed on June 26, 2006.
Marshall N. Morton, president and chief executive officer of Media General, said, “We are pleased that the execution of our planned divestitures is proceeding on a timely basis. In addition to the transaction announced today, negotiations are proceeding well with other parties for WDEF, WIAT and KIMT. We continue to expect to complete these sales by year-end.
“Once all of the divestitures are completed, Media General will provide aggregated financial details on the group of stations sold. We continue to expect net proceeds from the sale of all the stations to exceed $100 million,ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€šÃ‚Â said Mr. Morton.
“We also are making excellent progress integrating our new NBC stations. We plan to build on our track record of success with past acquisitions, when we achieved or exceeded our anticipated synergies and repaid debt as quickly as, or faster than, we had planned,ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€šÃ‚Â said Mr. Morton.
Franklin D. Schurz, Jr., chairman and chief executive officer of Schurz Communications, Inc. said, “We look forward to serving the viewers and advertisers and welcoming the employees of KWCH, KBSD, KBSH and KBSL. Our company’s strength mirrors that of our communities, and we look forward to joining such a vibrant area of Kansas. We started in television in 1952, and we anticipate a long and successful future with KWCH, its three satellite stations, and the communities they call home.ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€šÃ‚Â
KWCH was acquired by Media General in 2000 as part of the acquisition of a group of television stations from the former Spartan Communications. The station and its satellites have approximately 130 employees and began operations in 1953.