We reported at the end of October that our insiders heard WPEC could be put up for sale, today it became official!
WPEC parent company Freedom Communications is putting up its whole TV group for sale actually. The group includes 8 television stations in total with an asking price of $400 to $500 million dollars according to TVNewsCheck. The biggest station in the group is Palm Beach CBS affiliate WPEC. Nexstar, Gannett, LIN, Gray and Newport are some of the media companies who may step in and make offers especially if they can pick off stations.
Some of these companies already own or operate stations in Florida. Gannett owns and operates the Tampa CBS affiliate WTSP Channel 10, Jacksonville NBC affiliate WTLV and ABC affiliate WJXX. Nexstar operates Palm Beach CW affiliate WTVX, WTCN and WWHB for Four Points Media Group and owns Jacksonville CW affiliate WCWJ. Newport Television owns the FOX, CBS and MyNetwork TV in Jacksonville, Florida. Gray Television owns the CBS affiliate for Tallahassee WCTV.
Freedom Communications came out of bankruptcy earlier this year and is now controlled by hedge fund Angelo, Gordon & Co. (which has 45% controlling interest), Alden Grlobal Capital and Luxor Capital Group after having $450 million dollars in debt forgiven.
It’s time to repay the money men.
I predicted this. You’re welcome (article) 🙂
what about newscorp
Doreen wade was replaced also
I could picture WPEC being owned by Gannett… not sure if WFLX newscasts will be affected. I could picture Raycom-owned WFLX getting a new in-house produced news broadcast, or WFLX keeping the WPEC-produced newscasts.
I could picture WTVC Chattanooga being acquired by Scripps, McGraw-Hill or Gray… Scripps and McGraw-Hill own a lot of ABC stations.
WWMT Grand Rapids being acquired by New Vision…
Albany, NY duopoly being acquired by Four Points, Nexstar or New Vision…
Just my thoughts.
My mistake about the WFLX… WPEC ending production of WFLX newscasts… which WPTV is set to take over in early 2011.
Not surprised. Now, as for the company to buy WPEC from Freedom, I would have to choose either LIN, Cox, or Post-Newsweek. It would not surprise me if they changed the logo and hired Scott Chapin to be CBS12’s new voiceover, although I read he’s semi-retired.
I just hope that WPEC does NOT pick that boring Enforcer theme for their news, but it looks so imminent.
Your comment about news music is rather ironic considering that their current custom package is called “Imminence.” 😛
Thats alot of money for a TV station that is not in a major market, considering on how much lower the ratings are for stations now. Good Luck Getting that money !
Well its the whole group…
Rupert and Roger will be making a snowbird trip to West Palm to talk with WPEC. By 2013, WPEC will be a FOX O&O.
Bob, I don’t see it happening. None of the major players are buying TV stations, especially in mid-sized markets.
palm beach post reporting wpec will sell for little over 60 million