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4 Valley TV stations sold in New Vision deal
By GUY D’ASTOLFO
YOUNGSTOWN
New Vision Television, which owns or operates Youngstown television stations WKBN, its sister-station Fox Youngstown, WYTV and MyYTV, has been sold to LIN TV Corp. of Providence, R.I.
The $330.4 million deal encompasses 17 stations in eight markets and includes the assumption of $12 million in debt.
In addition to Youngstown, the other stations are in Portland, Ore.; Birmingham, Ala.; Wichita, Kan.; Honolulu; Savannah, Ga.; Topeka, Kan.; and Mason City, Iowa.
The sale is subject to federal regulatory approval and is expected to close around the end of the year or early 2013.
David Coy, president and general manager of the Youngstown stations, said LIN will retain all current employees and will assume all employee contracts.
He called the new owner “a good fit” for his stations.
“It’s quite an opportunity to be affiliated with LIN,” said Coy. “They have been around for 50 years and have 33 network affiliates and 50 websites.”
Coy said LIN is progressive regarding new media and Web platforms, including mobile television, which sends a station’s regular TV broadcast directly to smartphones. “We’re kind of excited about that,” Coy said.
LIN’s purchase of New Vision has been in the works for some time, he added. “The two companies reached a definitive agreement over the weekend and announced it [Monday] morning. LIN will acquire all New Vision assets.”
The change in ownership for the Youngstown stations is the second in recent years.
Piedmont Television sold CBS affiliate WKBN and its Fox station in 2007 to New Vision. That same year, Parkin Broadcasting closed on a deal to buy ABC- affiliate WYTV from Chelsey Broadcasting.
A few months after both deals were finalized, the two stations entered into joint sales and services agreements. Under the arrangement, Parkin retained the broadcast license for WYTV but WKBN provided operational services, including news programming, sales, traffic and accounting. Parkin will retain the license after the LIN deal is finalized.
In 2010, WKBN, WYTV and its sister stations became the first in the Youngstown market to broadcast news programming in high- definition.
Jason Elkin, CEO of Los Angeles-based New Vision, called the sale of his company bittersweet.
“I have never worked with a more dedicated and committed group of local broadcasters than the management and staff of New Vision,” he said in a statement. “The decision to sell to LIN Media was not an easy one, but we negotiated a fair price and so decided that now is the right time for me and others at New Vision to begin to look at new opportunities.”
New Vision has a 20-year history as an operator of local television stations.
According to a news release, it has a record of improving the financial performance of its properties. New Vision’s first group of stations was sold in 1995 for $230 million, more than twice the stations’ acquisition price. Its second group of stations was sold in 2005 at a significant profit.
New Vision’s current group of stations in eight markets was acquired between 2006 and 2008.
Vincent L. Sadusky, president and CEO of LIN, said his company had selected New Vision for acquisition because it adds geographical diversity, especially in the South and the West. He said in a statement that New Vision has a reputation for operating high-quality, well-run media properties.
LIN currently reaches 7.3 percent of U.S. television households and has affiliates with all major networks. After the New Vision deal is finalized, LIN will extend its reach to 10.6 percent of U.S. television households, with 50 stations in 23 markets.