Waterman Selling WBBH To Hearst

[Georgie56 3293]

https://nbc-2.com/news/2023/04/05/waterman-broadcasting-selling-wbbh-tv-nbc2-to-hearst-television/

Edited April 5, 2023 by Georgie56

[GoldenShine9 1512]

This is about the most stunning announcement I have heard. What a big pickup for Hearst - a company that almost never buys stations. (Also, it pretty much wipes them off the "seller" list).

 

It takes Fort Myers-Naples down to one locally owned station.

[Recovering Producer 207]

I'm surprised it took this long for Waterman to sell after Bernie Waterman's death several years ago. It is great to see Hearst buying. It will be interesting to see how it shifts the culture of the market, which as someone who worked there for a few years, is beyond toxic competitively. And all the stations have toxic internal cultures too. 

Now we wait and see if the McBrides realize now is the time to cash out WINK. 

[Glimmer 281]

What a big move on Hearst’s part; I imagine both stations will get full rebrands like WJCL and WVTM did 

[caliwxdude 254]

Always a bummer to see local ownership selling to a larger corporation, but the economics of it just don't work anymore.

 

The press release also mentions Hearst will be taking over the existing SSA for WZVN as well. It'll be interesting to see if Hearst continues to operate WZVN as its own distinct news operation, or if we'll start to see more cross pollination between the two newsrooms. 

[GoldenShine9 1512]

29 minutes ago, Recovering Producer said:

I'm surprised it took this long for Waterman to sell after Bernie Waterman's death several years ago. It is great to see Hearst buying. It will be interesting to see how it shifts the culture of the market, which as someone who worked there for a few years, is beyond toxic competitively. And all the stations have toxic internal cultures too. 

Now we wait and see if the McBrides realize now is the time to cash out WINK. 

 

Mentioned that in the Speculatron re: the McBrides.

[DENDude 217]

WOW!!!   I'm surprised but not surprised, I'm just glad it's not sinclair getting the station.    I would love to see WBBH & WZVN out of the LMA at some point.

Edited April 5, 2023 by DENDude

[TheOneManHerd 553]

I thought it was a late April Fool's joke at first, but I'm sure the staff there is breathing a sigh of relief.

[TennTV1983 802]

2 hours ago, caliwxdude said:

The press release also mentions Hearst will be taking over the existing SSA for WZVN as well. It'll be interesting to see if Hearst continues to operate WZVN as its own distinct news operation, or if we'll start to see more cross pollination between the two newsrooms. 

 

They'll probably give WZVN the WMUR treatment despite not owning that station outright.

[Amra 171]

Missed opportunity by NBCUniversal to create a duopoly between NBC 2 and Telemundo Fort Myers.

[DENDude 217]

It's too small of a market, NBC Universal isn't interested. 

[brianpr3 178]

Is hearst known when coming to start firing talent for a "youth movement"

[mre29 1514]

Welp, there's Hearst's purchase for the decade.

 

  

2 hours ago, TheOneManHerd said:

I thought it was a late April Fool's joke at first, but I'm sure the staff there is breathing a sigh of relief.

 

Meanwhile, I can just imagine the reaction from staffers at WVIR when they realize what they missed out on.

 

[tyrannical bastard 3936]

I"m sure Hurricane Ian may have prompted them to sell.  They fared much better than WINK, but the storm may have give them the realization that they need sister stations to step in when the next storm comes.

And given the market, corporate ownership may be a good thing, dissolving the toxic cultures that have seemingly permeated the market for years.

 

It is an end of an era for sure.  What other market has been primarily comprised of locally-owned stations in this day and age?

[TheRob 937]

I must admit, I had to check the date too.

 

By the way, Hearst strongly relies on promoting from within the company for management. 

[Adam MadMan 285]

3 hours ago, DENDude said:

It's too small of a market, NBC Universal isn't interested. 

I'm honestly surprised they've held onto a lot of the small markets from the ZGS and Serestar buyouts.

[channel2 978]

Aren't those LPs that don't count against the cap?

[nathannah 2402]

With this purchase, I think Hearst is building up a news network of some kind in Florida to compete with both Scripps and Spectrum; going by the direction of syndication, it'll be inevitable that WBBH and WESH have an outpost of some kind with WMOR, and WPBF will certainly contribute too.

[DirtyHarry 727]

9 hours ago, caliwxdude said:

Always a bummer to see local ownership selling to a larger corporation, but the economics of it just don't work anymore.

 

I think the economics still work, I think the trouble is that if you wait too long, what happened to newspapers might end up happening to TV stations. You better cash out now or you might end up having to sell for a fraction of what you can get now.

[MichiganNewsGraphicsJunkie 910]

We also have to remind ourselves: Edith Waterman is turning 100 in September... I'm pretty sure this had a huge reason behind the decision.

[nickp 337]

good deal for WBBH and Hearst

[LexTVandRadio 418]

Didn't know Hearst was still looking to buy stations. Hoping Morris is next on their list. 

But should be good for WBBH!

[MediaZone4K 2159]

On 4/5/2023 at 3:22 PM, Recovering Producer said:

I'm surprised it took this long for Waterman to sell after Bernie Waterman's death several years ago. It is great to see Hearst buying. It will be interesting to see how it shifts the culture of the market, which as someone who worked there for a few years, is beyond toxic competitively. And all the stations have toxic internal cultures too. 

Now we wait and see if the McBrides realize now is the time to cash out WINK. 

Asked this in the Sinclair Chat. With the concentration of local ownership between a few companies, if a talent falls out with management at one station (and either quits or gets terminated), does that blacklist them from working in the station group totally? 

Edited April 6, 2023 by MediaZone4K

[CircleSeven 1955]

The paperwork is now up. 

 

Purchase Price: $220.54M 

 

It also includes the pre-1996 grandfathered time brokerage agreement with WZVN (then WEVU).

[tyrannical bastard 3936]

10 hours ago, MichiganNewsGraphicsJunkie said:

We also have to remind ourselves: Edith Waterman is turning 100 in September... I'm pretty sure this had a huge reason behind the decision.

Unlike Ed Ansin's sons taking over Sunbeam after his passing, Edith Waterman probably had no one in the family interested in continuing the family business, so selling was the only option. 

 

Had it been part of an estate sale, it would have driven up the taxes for any buyer.