The $59.2 million purchase from Waypoint Media and VisionCommunications also includes 15 FM and AM stations in three markets, plus Waypoint’s news production operations.
Standard Media Group Buying Nine TVs
Standard Media Group on Monday announced its agreement to buy nine television stations across six markets from Waypoint Media and Vision Communications for $59.2 million.
The transaction includes the following network affiliates: WGBC Meridian, Miss. (Fox-NBC); WHPM-LD Hattiesburg, Miss. (Fox); WNBJ-LD Jackson, Tenn. (NBC); KJNB-LD (Fox) and KJNE-LD (CBS) Jonesboro, Ark.; WPBI-LD (Fox-NBC), along with WPBY-LD (ABC), both in Lafayette, Ind.; as well as WYDC-TV (Fox) and WJKP (MNT) Elmira-Corning, N.Y.
As part of the transaction, Standard Media is also acquiring Waypoint’s news production operations in Little Rock, Ark., as well as a combination of 15 FM and AM stations in three markets owned by Star City Broadcasting in Lafayette, Ind., and Sound Communications in Olean and Elmira-Corning. They are WAZY-FM, WBPE-FM, WYCM-FM and WSHY-AM in Lafayette, Ind.; WGGO-AM, WMXO-FM, WOEN-AM, WQRS-FM and WZKZ-FM in Olean, N.Y.; and WENI-AM-FM, WENY-AM-FM, WGMM-FM and WKPQ-FM in Elmira-Corning.
“This is the second acquisition Standard Media has announced in 2019, and we are looking forward to adding these stations to our expanding broadcast group,” said Deb McDermott, Standard Media’s CEO. “We are also excited to begin working with the talented teams in each of these markets. Waypoint and Vision have been successful in building these station groups, and our focus will be on continued growth with a focus on quality news.”
“We are thrilled to hand off our station group to Standard Media. We see them as very similar career broadcasters and operators that understand the future of our business. This bodes well for our employees, our advertisers and the communities we serve,” said Mike Reed, founder of Waypoint Media.
The transaction, subject to regulatory approval and other customary closing conditions, is expected to be completed in the first quarter of next year.
BRAND CONNECTIONS
Pillsbury Winthrop Shaw Pittman LLP acted as legal adviser to Standard Media in connection with this transaction. Kalil & Co. was the exclusive financial adviser to Waypoint and Vision.
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