Media General Inc. and LIN Media announced Wednesday they would sell television stations in five markets including WJAR in Providence in order to comply with FCC ownership rules affecting the merger they announced on March 21.
Regulatory authorities, require the divestiture of stations in Birmingham, Ala.; Providence, R.I.-New Bedford, Mass.; Mobile, Ala.-Pensacola, Fla.; Green Bay-Appleton, Wis.; and Savannah, Ga. The companies said they believe that no other market divestitures will be required.
Media General also announced today that in light of the loss of CBS affiliation of LIN's WISH Indianapolis, it was lowering the per-share price of the deal from $27.82 to $25.97.
In agreements with Sinclair Broadcast Group, Media General will acquire Sinclair's Fox and CW affiliates in Colorado Springs-Pueblo, Colo. (DMA 89) KXRM and KXTU, respectively and Sinclair's MyNetworkTV affiliate in Tampa-St. Petersburg-Sarasota, Fla. (DMA 14), WTTA.
Sinclair will acquire Media General's NBC affiliate in Providence-New Bedford (DMA 53), WJAR, and LIN's Fox and CW affiliates in Green Bay-Appleton (DMA 71), WLUK and WCWF, respectively).
Sinclair will also acquire certain assets of WTGS, the Fox affiliate in Savannah (DMA 92), and the rights to acquire the principal assets of WTGS-TV from WTGS Television LLC.
Hearst Corp. will acquire Media General's NBC affiliate in Birmingham (DMA 45), WVTM, and LIN's ABC affiliate in Savannah (DMA 92), WJCL.