New Vision veterans John Heinen, Eric Simontis, Steve Spendlove and Dennis Elkin have formed Alchemedia and are talking with private equity firms and hedge funds. They hope to begin buying stations in large and medium-size markets in the near future.
Heinen Seeks Investors, New Station Group
John Heinen, who along with Jason Elkin assembled the New Vision Television station group and then sold it to LIN Media last October for $345 million, is now looking for backers that will allow him to build another group.
Although Elkin will not be involved in the new venture, dubbed Alchemedia, other members of the New Vision management team will. They include Eric Simontis, CFO; Steve Spendlove, EVP, broadcasting; and Dennis Elkin, SVP, new media and mobile TV.
Heinen had been president and COO of New Vision; Elkin, CEO.
According to a press release, Heinen with the CEO title is “in talks” with private equity firms and hedge funds with experience in broadcasting, and with their money he expects to begin buying stations in large and medium-size markets within several months.
“We are excited about the future of television and local television,” said Heinen in a prepared statement.“Broadcast television is coming off an extremely strong revenue year in 2012 and remains an essential part of the marketing scheme for successful products and services providers, especially in local communities.”
The group that Heinen and Elkin sold to LIN was the third that they put together since the early 1990s. All were called New Vision.
BRAND CONNECTIONS
Alchemedia will be headquartered in Atlanta, where New Vision was based.
Comments (1)
Jay Miller says:
January 3, 2013 at 3:54 pm
They just keep destroying one broadcast group, one station at a time,, one station after the other,, don’t they???