Raycom to sell 12 stations - WALB.com, Albany News, Weather, Sports

Raycom to sell 12 stations

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November 1, 2005
by Ben Roberts

Montgomery -- The company that's buying WALB-TV announced late today it is selling Albany’s other television station.

Raycom Media Incorporated will sell WFXL and 11 other stations, though no buyers were announced. In August, Raycom agreed to purchase 15 stations from Liberty Corporation, Including WALB, for nearly one billion dollars.

Federal regulations would have made it difficult for the company to continue to operate two television stations in the Albany market.

Raycom’s buyout of Liberty should be finalized early next year.

 

Here is the Press Release from Raycom:

RAYCOM MEDIA ANNOUNCES PLANS TO SELL 12 TV STATIONS

   TO FOCUS, STRENGTHEN ITS CORE STATION GROUP

 

 

            Montgomery, Alabama, November 1, 2005 -- Privately-held Raycom Media, Inc. announced today its intention to sell 12 network-affiliated stations to more effectively focus and strengthen its core network of television stations in the Southeast and Midwest.

 

            Raycom President and CEO Paul McTear said, “Our agreement in August to purchase 15 stations from Liberty Corporation (NYSE: LC) presented an opportunity to strategically reassess Raycom’s network, with an eye toward strengthening our geographic focus and leadership in attractive growth markets.

 

            “The sale of these properties, which either duplicate existing market holdings or lie outside our core geographies, will allow us to strategically reshape our holdings and provide the resources to reinvest in expanding our reach within priority markets.

 

”Although it was a difficult decision to part with these valuable stations  and the 833 exceptional people they employ, their sale to interested buyers with whom they have a better strategic fit will benefit not only Raycom and the eventual purchasers, but also the stations and their employees,” Mr. McTear said.

 

            The Raycom television stations to be sold are:

 

·        WFXL, Albany, GA

·        KASA, Albuquerque/Santa Fe, NM

·        KXRM/KXTU – Colorado Springs, CO

·        WACH – Columbia, SC

·        KTVO – Ottumwa, IA/Kirksville, MO

·        WLUC – Marquette, MI

·        WSTM/WSTQ – Syracuse, NY

·        WNWO – Toledo, OH

·        WPBN/WTOM – Traverse City/Cadillac, MI

·        KWWL – Waterloo/Cedar Rapids/Iowa City/Dubuque, IA

 

 

In addition, Raycom said it planned to sell Liberty’s KGBT –TV, Harlingen/McAllen/Brownsville, TX and WWAY-TV, Wilmington, NC, as soon as the transaction announced in August is consummated.

 

            Mr. McTear said that since the Liberty deal, Raycom has received “considerable interest” in its properties from potential buyers. He said he anticipated that the sales process “would move swiftly” and that the 12 stations would likely be valued in excess of $600 million.

 

            Raycom’s financial advisors on the planned station sales are Belmoro Corporate Advisors, LLC and Wachovia Securities, LLC.

 

            Raycom, an employee-owned company, is one of the nation’s largest broadcasters and currently owns and operates 37 television stations in 20 states.  Raycom stations cover more than 10% of U.S. television households and employ 2,500 individuals in full and part-time positions.

 

            In addition to television stations, Raycom owns Raycom sports (a marketing, production and events management and distribution company’; Digitalize-Raycom Post (a post production facility in Burbank, CA), and Broadview Media (a post production/telecommunications company in Montgomery, AL.

 

            Further information about Raycom can be found at the corporate website, http://www.raycommedia.com.

 

            Bellmoro Corporate Advisors, LLC can be reached through Thomas B. Henson, 6100 Fairview Rd., Suite 650, Charlotte, NC 28210, 704-643-4148, tom.henson@mailsouth.net.

 

Wachovia Securities, LLC can be reached at through Bruce Levy, 301 South College St., Charlotte, NC 28288, 704-383-5292, buce.levy@wachovia.com.

 

 

 

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