Standard Media Group said it has purchased nine television stations in six markets from Waypoint Media and Vision Communications for $59.2 million.
The stations include affiliates of the Big Four networks and MyNetwork TV and include: WGBC-TV (Fox and NBC) in Meridian, Mississippi; WHPM-LD (Fox) in Hattiesburg, Mississippi; WNBJ-LD (NBC) in Jackson, Tennessee; KJNB-LD and KJNE-LD (Fox and CBS) in Jonesboro, Arkansas; WPBI-LD (Fox and NBC) and WPBY-LD (ABC) in Lafayette, Indiana; and WYDC-TV (Fox) and WJKP (MyNetwork TV) in Elmira/Corning, New York.
Also as part of the transaction, Standard Media is purchasing Waypoint’s news production operations located in Little Rock, Arkansas, as well as a combination of 15 FM and AM radio stations in three markets owned by Star City Broadcasting in Lafayette, Indiana, and Sound Communications, LLC in Olean and Elmira/Corning, New York.
“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,” Standard Media CEO Deb McDermott said in a press release. “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.”
The deal is subject to regulatory approval and is expected to close in Q1 next year.
“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,” Waypoint Media founder Mike Reed in a press release.
Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Standard Media. Kalil & Co., Inc. acted as exclusive financial advisor to Waypoint and Vision.