The station group paid $160 million for the collection of TV and radio stations in Texas and Oklahoma. “This is a group of market leaders; each with a strong presence not only on the broadcast side of the business but also in digital and Spanish-language platforms,” says Raycom CEO Paul McTear.
Raycom Media said today that it has closed on its $160-million acquisition of Drewry Communications.
Raycom picks up KXXV (ABC) Waco, Texas (DMA 87); KFDA-KEYU (CBS-Telemundo) Amarillo, Texas (DMA 130); KSWO (ABC) Wichita Falls, Texas-Lawton, Okla. (DMA 145); KWAB-KWES (NBC) Odessa-Midland, Texas (DMA 136): and Spanish-language radio stations in Odessa-Midland (KTXC-FM) and Amarillo (KEYU-FM).
Raycom CEO Paul McTear said the deal deepens the group’s roots in Texas, where it will now reach 14% of TV homes. “This is a group of market leaders; each with a strong presence not only on the broadcast side of the business but also in digital and Spanish-language platforms.”
As part of the deal, Raycom is also buying KAUZ, the CBS affiliate in Wichita Falls, from Hoak Media and then turning around and selling it to American Spirit, which will enter into a shared services agreement with Raycom, under which KSWO will provide news, production services, administrative support and equipment and building space to KAUZ.
KSWO and KAUZ are currently parties to a grandfathered joint sales agreement, which will terminate at closing.
Other than the new SSA, the filing says, “there is no financial relationship between American Spirit and Raycom.”
American Spirit owns nine other small market stations in the South, Midwest and Hawaii. It is headed by Thomas Henson.
The parties announced the deal last summer.
Kalil & Co. represented Drewry in the transaction.