As they said they would last week in the wake FCC approval, Media General and Young Broadcasting closed on their merger Tuesday. The combination creates a mega-group with 31 stations operating in 28 markets, reaching 16.5 million, or 14%, of U.S. TV households. On the pro forma basis, the merged company had 2012 revenues of $605 million.
Media General and Young announced the merger last June and the FCC OK’d it this afternoon. The combination creates a mega-group with 30 stations operating in 27 markets, reaching 16.5 million, or 14%, of U.S. TV households. On the pro forma basis, the merged company had 2012 revenues of $605 million, including approximately $115 million of political revenue.
Shareholders voted to approve the merger announced in June. The merged company will retain the Media General name, continue to be traded on the NYSE and will remain headquartered in Richmond, Va.
A growing number of stations and station groups seem finally ready to entrust critical functions to cloud-based solutions.
Local newspapers and broadcasters today are seeking content management systems that are faster and more complex than ever before. And while vendors are constantly developing new products to keep up with evolving demands, the industry is facing contraction. “There are just too many players, and nobody is really big enough to have any control,” says Internet Broadcasting’s Elmer Baldwin. “There are some that just aren’t going to survive.” Part two of a three-part special report. Read part one here
Content management systems serving the local media industry have taken a quantum leap forward, and choosing the right CMS has become more complicated than ever. Media companies have some difficult choices: select a system from a vendor, build one in-house or use an open-source system. Ron Stitt, VP of digital media at Fox Television Stations: “The pace of development is still constantly accelerating, and the landscape is incredibly complex when you factor in not just the front end but also the underlying platforms, devices, operating systems, display formats, distribution schemes and advertising/tracking requirements.” Part one of a three-part special report. Read the full report here.
The owner of WHTV Lansing, Mich., says the merger between Media General and Young Broadcasting shouldn’t be approved until the commission determines that management agreements involving Young in Lansing pass muster.
Industry analysts think the move, which will give Media General 30 network affiliates across 27 markets reaching 14% of U.S. TV households, makes a lot of sense. “It’s nothing short of a great deal,” says Barry Lucas, SVP-research at Gabelli & Co. “It’s a home run for them.”
The combined company will own or operate 30 network-affiliated TV stations across 27 markets reaching 14% of U.S. TV households.
The broadcaster has developed a server-based platform where everyone from field reporters to the evening anchor can access, edit and publish a story to any platform.
Deborah McDermott’s new title is in addition to that of president of the station group, which she will retain.
Former WEWS Cleveland GM Viki Regan returns to local management at Young Broadcasting’s Richmond station.
The former KRON San Francisco GM heads to Big D for “the kind of challenge I’ve been preparing for my entire career.”
The ormer BMI human resources executive joins the station group today.
Young Broadcasting, which is operating a CBS-MNT duopoly in Lansing, Mich., will soon make it a triopoly. It has a deal to take over the operation of WLAJ just as soon as Shield Media completes its purchase of the ABC affiliate from Sinclair for $14.4 million. Young and Shield worked together to create a duopoly for Young earlier his year in Albany, N.Y.
New York-based Standard General has asked the FCC to approve its acqusition of a majority stake in the station group, which emerged from Chapter 11 in 2010. It operates 11 stations, including KRON San Francisco.
Bob Peterson, the former GM of Young’s WRIC Richmond, Va., will head operations for the group.
The former digital media director at KTVK Phoenix is tapped to fill the newly created post of VP, digital media at Young Broadcasting.
The lifestyle diginet adds WKRN Nashville, WBAY Green Bay, Wis.; KLFY Lafayette, La.; WLNS Lansing, Mich.; WRIC Richmond, Va., WATE Knoxville, Tenn.; and WTEN Albany, N.Y.
With four significant TV station group deals within the past year, there is a growing number of groups up for sale. But right now few buyers are willing to pay the multiples that the sellers are demanding. “Owners are either going to have to take lower prices and come out under water or hold stations for another two years,” says broker Larry Patrick.
The long-time broadcast exec tells the Young Broadcasting board that he wants to get into station ownership. Deb McDermott remains as president as the board looks for his successor.
Craig Porter, Young Broadcasting’s engineering VP, has spent $25 million modernizing the group’s 10 stations. First he took care of news production, moving to all-HD. Now master control is being transformed into a file-based workflow for commercials and programming.
Young Broadcasting has selected Crispin as its master control automation and asset management solutions partner for nine of its stations’ master control facilities. The upgraded master control facilities will include Crispin’s newest products for managing file-based workflows such as Digital Transfer Agent and DigiPrep, along with Omneon video servers, Miranda graphics and routing, and Elemental […]
Young Broadcasting is looking to sell its longtime KRON building at 1001 Van Ness in San Francisco and move to a smaller but more modern digital facility elsewhere in the Bay Area.
They are the market’s final stations to convert their news operations to high def. Sinclair’s WZTV will feature an interactive set, while Young’s WKRN has HD capability from the field ready to go. And Nashville’s other news producers — WSMV and WTVF — aren’t resting on their laurels either, adding new sets, graphics, file-based editing systems and news automation to stay cutting edge.
A year out of bankruptcy, the 10-station group is financially healthy and the new owners believe it’s a good time to sell, what with a record year for political advertising expected in 2012. Observers say the group could fetch eight times blended 2011-12 cash flow or as much as $350 million.
Young Broadcasting picks the TV sales veteran to run its NBC affiliate in Davenport, Iowa.
The longtime television executive and board member succeeds Vincent Young. Cassara’s appointment completes a recent reorganization of the company and the senior management team. Deborah McDermott remains as president, with all 10 stations reporting to her. In addition, Tom Sullivan has been elected board chair.
Vince Young has stepped down from his role as non-executive chairman of Young Broadcasting. His departure from the company that bears his family name was, in part, the result of his alignment with the group that unsuccessfully sought to have its bankruptcy reorganization plan imposed.
It turns out it’s broadcast veteran Tony Cassara (left) along with other New Young’s board members Tom Sullivan, Sheldon Galloway and Kevin Shea. The board gets an assist from Young President Deborah McDermott who oversees KRON San Francisco, WATE Knoxville, Tenn., and WLNS Lansing, Mich. Cassara says the $2.2 million annual management contract with Gray Television is really an advisory agreement. “They do not manage our stations,” Cassara says. “The general managers of those seven stations report to the board.”
TV rep firm Adam Young Inc., to cease operations at the end of January. A new Cox sales team will be based in New York, Los Angeles and Chicago.
Andrew Alfond is the new GM at Young Broadcasting’s ABc affiliate in Albany, N.Y. He succeeds Mike Sechrist, who has been interim GM for almost two years.