“This station will be a cornerstone asset within Journal Communications,” says Journal CEO Steven Smith. Landmark is the seller.
Journal Communications announced this morning that it has purchased CBS affiliate WTVF Nashville and related assets from Landmark Media Enterprises for $215 million plus a working capital adjustment at closing.
The deal is subject to FCC approval.
“We are especially pleased to reach an agreement to purchase NewsChannel 5 in Nashville,” said Steven J. Smith, Chairman and CEO of Journal Communications. “This station will be a cornerstone asset within Journal Communications. WTVF TV is an exceptional local news station with an extraordinary staff that demonstrates its commitment to Nashville every single day. We are delighted to welcome NewsChannel 5’s outstanding team to Journal.”
The related assets include two WTVF two subchannel services This TV and a local channel — and what Journal says is a “market-leading” website, NewsChannel5.com.
According to Journal, WTVF is the ratings and revenue market share leader in Nashville, as well as one of the top three CBS affiliates in the nation based on CBS ratings in metered markets.
In connection with the deal, Journal said it has received commitments from certain of its banks to tap existing lines of credit.
“We are excited to add a top television station with a high performing team in one of the best markets in America to Journal’s TV and radio portfolio,” said Andre Fernandez, Journal’s President and CFO. “This acquisition also allows us to broaden our TV base with a high quality television asset, and is consistent with our strategy of increasing Broadcast’s overall contribution to Journal’s earnings and cash flow.”
Methuselah Advisors acted as financial advisor to Journal Communications, Inc.
Houlihan Lokey Capital, Inc. acted as financial advisor to Landmark Media Enterprises, LLC.