Ntropolis 593 Posted June 24, 2008 Share Posted June 24, 2008 http://sbgi.net/site_mgr/temp/Richmond%20sale%20buy_1w5r4syx.shtml Link to comment Share on other sites More sharing options...
Marvin Dillweed 73 Posted June 24, 2008 Share Posted June 24, 2008 Any word on the fate of the 10pm newscast WWBT produces for WRLH and the 10pm news produced for WUPV by WTVR? Given that WWBT now controls WUPV and that WTVR will control WRLH, one would speculate that the 10pm products would simply switch stations. Link to comment Share on other sites More sharing options...
lugnuts6 89 Posted June 25, 2008 Share Posted June 25, 2008 I have to agree Carma Broadcasting, LLC is yet another shell corporation of SGI Link to comment Share on other sites More sharing options...
newsie 11 Posted June 25, 2008 Share Posted June 25, 2008 "Carma Broadcasting," cheesy name. Leave it to Sincrap. Link to comment Share on other sites More sharing options...
tw-804 190 Posted June 25, 2008 Share Posted June 25, 2008 I heard it on WRLH's "FOX News at Ten" last night. Can't believe Sinclair is gonna buy the assets of WTVR. I'm shocked. Looks like all of Central Virginia will be talking about it for a while. I can't picture CBS 6 using the Sinclair graphics and Gari's "Daily News". Hey, at least they're gonna dump the red and white graphics that they have now. I hope WTVR don't change their news branding and their logo. Recently, Southeastern Media Holdings (Raycom's subsidiary) moved WUPV's master control operations from WTVR to Charlotte, home of WBTV News 3. I hope there's any word on the fate of WRLH's newscast, which WWBT has been producing since its debut on September 1994. Link to comment Share on other sites More sharing options...
tw-804 190 Posted June 25, 2008 Share Posted June 25, 2008 Here's more from today's Richmond Times-Dispatch... http://www.inrich.com/cva/ric/news.apx.-content-articles-RTD-2008-06-25-0075.html Local CBS affiliate WTVR to be sold Sinclair, the buyer, says it will then sell license rights to its local Fox station Wednesday, Jun 25, 2008 - 12:08 AM Updated: 07:17 AM By DANIEL NEMAN TIMES-DISPATCH STAFF WRITER The Richmond television-station dominoes are falling into place. If the deal is approved by the Federal Communications Commission, WTVR will be sold to Sinclair Broadcasting Group of Hunt Valley, Md. Because Sinclair already owns WRLH, and federal regulations keep companies from owning two stations in the same market, it will sell the license rights to WRLH to a new company, Carma Broadcasting LLC. Montgomery, Ala.-based Raycom Media Inc. currently owns WTVR, the CBS affiliate. But it recently bought WWBT, the NBC affiliate, so it had to sell WTVR. The sale of WTVR is for $85 million. The companies expect it to be completed by the end of the third quarter. Sinclair Chief Financial Officer David Amy said his company is buying WTVR because "we've been in Richmond for 10 years now with the Fox affiliate [WRLH]. We've had a really great run of business there. We like the market a lot." Amy said Sinclair will be entering into an outsourcing agreement with Carma to help run the stations. While Carma will own the license to broadcast WRLH, the two stations will combine operations to share some aspects of management, such as insurance expenses. Eventually, WRLH is expected to move into the same building as WTVR. Sinclair will keep most of WRLH's assets. The license alone for WRLH, which accounts for about 10 percent of the station's worth, Amy said, will be sold to Carma for $4 million. "I don't know where they're located," Amy said of Carma. "They're a [limited liability company] in Virginia. As far as their address, I don't have their address." In fact, forms filed with the State Corporation Commission list Carma's address as 1925 Westmoreland St., the same address for WRLH. A search of the FCC database did not yield any information on Carma. WRLH General Manager Steven Genett is on vacation and could not be contacted for this story. Amy said WTVR will "at least initially" continue its shared service agreement to continue producing the news for CW affiliate WUPV, and he said the same management teams will be kept in place, as will the stations' news personnel. Sinclair made the news in 2004 when it ordered its stations nationwide to air a documentary accusing Democratic presidential contender John Kerry of betraying American prisoners during the Vietnam War. The film, "Stolen Honor: Wounds That Never Heal," was broadcast without commercials two weeks before the election. Media General, parent company of the Richmond Times-Dispatch, briefly owned WTVR in the mid-1990s. Contact Daniel Neman at (804) 649-6408 or [email protected]. Link to comment Share on other sites More sharing options...
newsie 11 Posted August 28, 2008 Share Posted August 28, 2008 Justice Department denies WTVR sale to Sinclair BALTIMORE (August 27, 2008) -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced today that The U.S. Department of Justice - Antitrust Division has informed Sinclair that they are declining to approve Sinclair as the acquirer of WTVR-TV in Richmond, VA. The denial occurred pursuant to a Consent Decree entered into between Raycom Media, Inc., the current owner of WTVR-TV, and the Justice Department. Under the Consent Decree, which was entered into by Raycom in order to obtain Justice Department approval of its earlier acquisition of three television stations from Lincoln Financial, any potential buyer of WTVR could be rejected unilaterally by the Justice Department without cause. In June 2008, Sinclair announced that it had agreed to buy the assets of WTVR-TV (CBS 6) from Raycom Media, Inc. for $85.0 million and simultaneously sell the license assets of WRLH-TV (FOX 35) to Carma Broadcasting, LLC. Following the sale of WRLH-TV, Sinclair would have provided sales and other non-programming related services to WRLH-TV. Notwithstanding the action of the Justice Department, Sinclair believes that this proposed transaction would not have violated the anti-trust laws. This situation, however, is unique because of the unilateral power held by the Justice Department under the Consent Decree into which Raycom had previously entered as part of a separate transaction. In this particular case, however, it appears that the acquisition of WTVR-TV and the sale of the license assets of WRLH-TV will not occur. Sinclair is continuing to explore its rights under its asset purchase agreement with Raycom. Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 58 television stations in 35 markets after the sale. Sinclair's television group reaches approximately 22% of U.S. television households and is affiliated with all major networks. http://www.sbgi.net/site_mgr/temp/Richmond%20buy%20update_zf8czykj.shtml Link to comment Share on other sites More sharing options...
jestbiteme 13 Posted August 28, 2008 Share Posted August 28, 2008 Justice Department denies WTVR sale to Sinclair HAHA! :lol: About time. Link to comment Share on other sites More sharing options...
first on fox 18 Posted August 28, 2008 Share Posted August 28, 2008 Now this is the time to use the :lol: icon. Link to comment Share on other sites More sharing options...
Sam Horn 78 Posted August 28, 2008 Share Posted August 28, 2008 Now this is the time to use the :lol: icon. Link to comment Share on other sites More sharing options...
tw-804 190 Posted August 28, 2008 Share Posted August 28, 2008 From today's Richmond Times-Dispatch... (http://www.inrich.com/cva/ric/search.apx.-content-articles-RTD-2008-08-28-0196.html) Sinclair can't buy WTVR Justice Department denies Raycom's sale of station to group Thursday, Aug 28, 2008 - 12:08 AM By MELISSA RUGGIERI TIMES-DISPATCH STAFF WRITER The U.S. Department of Justice has rejected Sinclair Broadcasting Group's acquisition of WTVR, the Richmond CBS affiliate. The department's Antitrust Division yesterday informed Sinclair that its $85 million proposal to purchase WTVR, currently owned by Montgomery, Ala.-based Raycom Media Inc., will not be approved. Sinclair entered the agreement with WTVR in June. Under the terms Raycom agreed to in the proposed sale, the Department of Justice could reject any potential buyer without giving a reason. The department responded to an inquiry by The Times-Dispatch by saying there was "no information" available about the terminated deal. A Sinclair spokesman said his company understood the terms of the proposed sale. "I don't know why they rejected it, but they had the right to reject it," said David Amy, executive vice president and chief financial officer for Hunt Valley, Md.-based Sinclair. In April, Raycom purchased WWBT, the NBC affiliate in Richmond. Although it is against federal regulations for one company to own two stations in the same market, the Federal Communications Commission agreed to give Raycom six months to sell WTVR. As part of the Raycom agreement, said Amy, "The Justice Department could approve or not approve any buyer to WTVR and they don't need to give a reason why." Raycom officials could not be reached for comment. Another piece of the TV ownership musical chairs is that Sinclair currently owns WRLH, Richmond's Fox affiliate, which Amy said is the only reason he could think of why the acquisition was denied. If the deal with Raycom had been approved, Sinclair was going to sell the license rights to WRLH to a new company, Carma Broadcasting LLC, to avoid owning two stations in the same market. Forms filed with the State Corporation Commission list Carma's address as 1925 Westmoreland St., the same address for WRLH. Sinclair is now exploring its rights under its purchase agreement with Raycom and, said Amy, "looking to see what the next step is." Contact Melissa Ruggieri at (804) 649-6120 or [email protected]. Link to comment Share on other sites More sharing options...
tw-804 190 Posted August 29, 2008 Share Posted August 29, 2008 Raycom has 30 days to divest WTVR. From today's Times-Dispatch... (http://www.inrich.com/cva/ric/news/business/metrobusiness.apx.-content-articles-RTD-2008-08-29-0129.html) U.S. seeks sale of WTVR Antitrust suit says Raycom has 30 days to divest CBS affiliate Friday, Aug 29, 2008 - 12:08 AM By MELISSA RUGGIERI AND JOHN REID BLACKWELL TIMES-DISPATCH STAFF WRITERS The Department of Justice filed a civil antitrust lawsuit yesterday in U.S. District Court against Raycom Media, Inc., that requires the company to divest its Richmond CBS affiliate, WTVR, within 30 days. On Wednesday, the department denied Sinclair Broadcast Group the right to purchase WTVR, citing a previous agreement with WTVR that it could unilaterally reject any potential buyer without cause. Raycom also owns WWBT, Richmond's NBC affiliate that it purchased from Lincoln Financial Media Company in April. Federal Communications Commission limitations on TV ownership in the same market require Raycom to sell one of its two Richmond stations. According to the Justice Department's lawsuit, Raycom has 30 days -- which can be extended to 60 -- to divest WTVR. If this does not occur, the court will appoint a trustee to sell the station. The proposed settlement also requires that Raycom operate WTVR "separate and apart" from Raycom's other operations to preserve competition until it is sold. It also mandates that the sale must preserve WTVR as a viable business. "The divestiture is necessary to preserve competition for advertisers who buy broadcast television advertising time in the Richmond market," said Deborah A. Garza, deputy assistant attorney general of the Antitrust Division, in yesterday's filing. "Without this divestiture, advertisers on local Richmond stations would have paid higher prices." Once the Raycom/Lincoln Financial deal was closed April 1, Raycom agreed to sell WTVR within 90 days to a buyer approved by the Justice Department. According to the agreement reiterated in the lawsuit, if Raycom failed to divest WTVR by that deadline, the department would file a lawsuit and proposed settlement. Sinclair was the winning bidder for WTVR, but it owns Richmond's Fox affiliate, WRLH. If the WTVR deal was approved, Sinclair planned to sell the licensing assets of the station to a new company, Carma Broadcasting, LLC. WRLH and Carma Broadcasting share the same address. Paul McTear, president and CEO of Raycom, declined to comment on the department's filing but said the company is proceeding with efforts to sell the station. The next step for the company, he said, is "that we are moving heaven and earth to re-market WTVR to the people that we have talked to before. Actually, as a result of some of the articles in the trades [publications], we have received numerous phone calls regarding getting additional information on the sale of WTVR." The Justice Department would provide no further information about why it rejected the sale of WTVR to Sinclair or how frequently such rejections occur. "I think it's probably unusual, but not rare," said Carl Tobias, Williams professor at University of Richmond's School of Law. "There are probably all kinds of situations where [the Justice Department] wants to be sure that the market is competitive." Media industry analyst Edward Atorino at the Benchmark Co. believes that an out-of-market buyer wouldn't have any problems purchasing WTVR. "Sinclair, despite the worst environment for the industry in some time, was willing to pay $85 million for that [station]. So there are transactions that continue to get done for various reasons," Atorino said. Raycom's McTear is also optimistic. "It is a terrific, wonderful TV station in a great market, a state capital," he said. "We feel very confident that we will be able to re-market that station." Contact Melissa Ruggieri at (804) 649-6120 or [email protected]. Contact John Reid Blackwell at (804) 775-8123 or [email protected]. Link to comment Share on other sites More sharing options...
IdiotsOutWanderingAround 0 Posted August 29, 2008 Share Posted August 29, 2008 After watching this little fiasco go down, I have no doubt in my mind that the DOJ will rule the same way on the impending WTVJ/WPLG deal. Mark my words, it ain't happening. Link to comment Share on other sites More sharing options...
kjohnson 15 Posted August 30, 2008 Share Posted August 30, 2008 Carma is about as really as Cunningham & Glencairn, both of which are shell corporations. When you see those names, it's Sinclair, by any other name. Link to comment Share on other sites More sharing options...
channel2 874 Posted August 31, 2008 Share Posted August 31, 2008 Carma is about as really as Cunningham & Glencairn, both of which are shell corporations. When you see those names, it's Sinclair, by any other name. That "Carma" name is ironic, because karma bit Sincrap in the ass this time! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.