Standard Media Group on Monday announced its agreement to acquire nine television stations across six markets from Waypoint Media and Vision Communications for $59.2 million.
The transaction includes FOX & NBC affiliate WGBC-TV in Meridian; FOX affiliate WHPM-LD in Hattiesburg; NBC affiliate WNBJ-LD in Jackson, Tennesee; FOX and CBS affiliate KJNB-LD and KJNE-LD in Jonesboro, Arkansas; FOX and NBC affiliate WPBI-LD, along with ABC affiliate WPBY-LD, both in Lafayette, Indiana; as well as FOX affiliate WYDC-TV and MyNet affiliate WJKP in Elmira/Corning, New York.
As part of the transaction, Standard is acquiring Waypoint’s news production operations in Little Rock, Arkansas, as well as a combination of 15 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,” said Deb McDermott, Standard Media’s CEO in a news 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.”
“We are thrilled to hand off our station group to Standard Media,” Mike Reed, the founder of Waypoint Media, said in the release. “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.”
The transaction, subject to regulatory approval and other customary closing conditions, is expected to be completed in the first quarter of 2020.