Standard Media To Acquire Lafayette IN and Elmira & Olean NY Stations As Part Of Larger TV Deal
Standard Media announced a pair of acquisitions to purchase nine television and fifteen radio stations from Waypoint Media and Vision Communications for $59.2 million.
The companies, which shared common leadership and investments, currently operate under various names including Star City Broadcasting in Lafayette and Sound Communications in Olean and Elmira NY. It is in those three markets where Standard will be entering radio.
The Nashville based Standard Media Group was founded earlier this year by CEO Deb McDermott to acquire a pair of television stations in Lincoln NE and Providence RI. McDermott previously has served as CEO of Young Broadcasting and President/COO of Media General. Included in the deal are television stations in Meridian MS, Jackson TN, Jonesboro AR, Lafayette IN, and Elmira NY as well as Waypoint’s news production facility in Little Rock. The radio properties include:
Standard Media Group LLC (“Standard Media”) today announced its agreement to acquire nine television stations across six markets from Waypoint Media, LLC (“Waypoint”) and Vision Communications LLC (“Vision”) for $59.2 million.
The transaction includes the following network affiliated stations: FOX & NBC affiliate WGBC-TV in Meridian, MS; FOX affiliate WHPM-LD in Hattiesburg, MS; NBC affiliate WNBJ-LD in Jackson, TN; FOX and CBS affiliate KJNB-LD and KJNE-LD in Jonesboro, AR; FOX and NBC affiliate WPBI-LD, along with ABC affiliate WPBY-LD, both in Lafayette, IN; as well as FOX affiliate WYDC-TV and MyNet affiliate WJKP in Elmira/Corning, NY.
As part of the transaction, Standard Media is also acquiring 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. They are WAZY-FM, WBPE-FM, WYCM-FM and WSHY-AM in Lafayette, IN; WGGO-AM, WMXO-FM, WOEN-AM, WQRS-FM and WZKZ-FM in Olean, NY; and WENI-AM/FM, WENY-AM/FM, WGMM-FM and WKPQ-FM in Elmira/Corning, NY.
“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. “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. 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,” said Mike Reed, Founder of Waypoint Media.
The transaction, subject to regulatory approval and other customary closing conditions, is expected to be completed in the first quarter of next year.
Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Standard Media in connection with this transaction. Kalil & Co., Inc. acted as exclusive financial advisor to Waypoint and Vision.