Community Newspaper Selling 4 Stations

Community Newspaper Holdings is selling WXTX Columbus, Ga. (Fox); WSFX Wilmington, N.C. (Fox); WUPV Richmond, Va. (CW) and WFXG Augusta-Aiken, S.C. (Fox), to Thomas Henson for $24 million and the assumption of $50 million in debt.

Community Newspaper Holdings is selling its four network affiliates to Thomas Henson for $24 million and the assumption of $50 million in long-term debt, according to an FCC filing seeking approval of the deal.

The stations (and their affiliations): WXTX Columbus, Ga. (Fox); WSFX Wilmington, N.C. (Fox); WUPV Richmond, Va. (CW) and WFXG Augusta-Aiken, S.C. (Fox).

Three of the stations are involved in duopoly arrangements with the Raycom Media stations in their markets — WXTX Columbus with ABC affiliate WTVM, WSFX Wilmington with NBC affiliate WECT and WUPV Richmond with NBC affiliate WWBT.

In each case, Raycom produces the news for the co-located Community station, although it has its own general manager.

Henson is buying the stations through a company called Southeastern Media Acquisitions. Through another company, American Spirit Media, he owns KYOU Ottumwa, Iowa-Kirksville, Mo.

Community, a publisher of newspapers in 23 states, now holds the licenses of the four stations through a subsidiary, Southeastern Media Holdings.

BRAND CONNECTIONS

Community and Raycom Media have more in common than the management of the TV stations. They are both principally owned by the pension funds of the state of Alabama.

Also, Community, now based in Birmingham, Ala., has announced plans to move late this year or early next to Montgomery, Ala., where Raycom in headquartered.


Comments (3)

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Brad Dann says:

January 3, 2011 at 12:21 pm

You forgot to mention that Raycom also manages KYOU-TV

    Linda Stewart says:

    January 3, 2011 at 12:32 pm

    I believe that is so, but I haven’t nailed that down yet.

Paul Bremer says:

January 3, 2011 at 3:05 pm

How anyone can get to $74MM price tag for those markets, in this media environment, with net comp rising, shared retrans dollars, and held in an LMA is beyond me! Call me stupid! TV is now like any mature business, 4 to 5 times actual cash flow without extrodinary items (political). $20MM clean cash flow in those markets?


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