first on fox 18 Posted February 7, 2007 Share Posted February 7, 2007 CBS Corporation (NYSE: CBS, CBS.A) announced today it has entered into a definitive agreement to sell seven of its owned television stations to Cerberus Capital Management, L.P. for $185 million. The sale includes stations in Austin, Salt Lake City, Providence and West Palm Beach, and is subject to FCC approval and other customary closing conditions. Cerberus worked with TV veteran Dick Reingold on the transaction, and Cerberus was advised by CobbCorp, LLC and Wachovia Capital Markets, LLC. Stations included in the agreement (and their network affiliations) are: KEYE-TV, Austin, Texas (CBS); KUTV (TV), Salt Lake City, Utah (CBS) and its satellite station KUSG(TV), St. George, Utah; WLWC (TV), Providence, Rhode Island (The CW); WTVX(TV), West Palm Beach, Florida (The CW); and two Low Power Stations in the West Palm Beach DMA, WTCN-CA (MyNetwork TV) and WWHB-CA (TV Azteca). http://www.broadcastingcable.com/article/CA6414530.html?display=Breaking+News Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/ Share on other sites More sharing options...
TexasTVNews 1377 Posted February 7, 2007 Share Posted February 7, 2007 NO! NOT KEYE! > Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4746 Share on other sites More sharing options...
Jess 1115 Posted February 7, 2007 Share Posted February 7, 2007 basically, it's a move to get back under the cap by selling off some non-essential stations. Since Cerberus is an investment firm, I wouldn't be surprised if they in turn sell some of these to new owners. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4747 Share on other sites More sharing options...
first on fox 18 Posted February 7, 2007 Author Share Posted February 7, 2007 I think this new firm is owned by ex-Gannett people - so have fun. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4750 Share on other sites More sharing options...
capper581 0 Posted February 7, 2007 Share Posted February 7, 2007 I do not understand why they kept WKBD and definetly WWJ in Detroit, why don't they just sell it to a company that will actually make use of the stations? Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4753 Share on other sites More sharing options...
eyewitness_news 5 Posted February 8, 2007 Share Posted February 8, 2007 WWJ/WKBD may be cash cows, but the Detroit CBS O&O is the ONLY O&O without a news outlet. WKBD used to have one years ago, but due to budget discrepancies, it got the axe. Then they carried newscasts provided by WXYZ (former ABC O&O, now owned by Scripps-Howard) but those didn't last long either. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4780 Share on other sites More sharing options...
jdcnow 14 Posted February 8, 2007 Share Posted February 8, 2007 WWJ/WKBD may be cash cows, but the Detroit CBS O&O is the ONLY O&O without a news outlet. WKBD used to have one years ago, but due to budget discrepancies, it got the axe. Then they carried newscasts provided by WXYZ (former ABC O&O, now owned by Scripps-Howard) but those didn't last long either. I've said it before, I'll say it again: WWJ. A Network O&O without a local news outfit. How embarassing. : Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4784 Share on other sites More sharing options...
Neilium 0 Posted February 8, 2007 Share Posted February 8, 2007 http://en.wikipedia.org/wiki/Cerberus_Capital_Management Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4785 Share on other sites More sharing options...
Wisco TV Watcher 11 Posted February 12, 2007 Share Posted February 12, 2007 Another thing I'm sick of hearing is that every station needs a news operation. No. No. No. Don't you think it is kind of odd that Detroit (DMA 11) only has three news operations? Many smaller cities have four or even five news stations. In Green Bay, we have four news stations and they all do just fine (I have heard rumors that WGBA is losing money, but there are ways to fix that problem). Why don't they just have the guys from WWJ Newsradio make a TV newscast? They have the experience and credibility that Detroit radio listeners have relied upon for years, and would bring a lot to the table in a TV news operation. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4979 Share on other sites More sharing options...
Guest Dylan Posted February 12, 2007 Share Posted February 12, 2007 Another thing I'm sick of hearing is that every station needs a news operation. No. No. No. Don't you think it is kind of odd that Detroit (DMA 11) only has three news operations? Many smaller cities have four or even five news stations. In Green Bay, we have four news stations and they all do just fine (I have heard rumors that WGBA is losing money, but there are ways to fix that problem). Why don't they just have the guys from WWJ Newsradio make a TV newscast? They have the experience and credibility that Detroit radio listeners have relied upon for years, and would bring a lot to the table in a TV news operation. Did you not read the full statement? If there aren't viewers, why sink money into it? Do you honestly need four choices for local news? No. The answer is no. You do not. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4980 Share on other sites More sharing options...
Wisco TV Watcher 11 Posted February 12, 2007 Share Posted February 12, 2007 Did you not read the full statement? If there aren't viewers, why sink money into it? Do you honestly need four choices for local news? No. The answer is no. You do not. 1. Yes I did. 2. TV stations generally make the most money from spots that are ran during local news programs. Plus, who says that there won't be any viewers. Detroit is a big city. Even if you're in fourth place, you will still have a lot of viewers. 3. Well, I don't NEED any TV news. I could get by with just reading the paper and listening to the radio. Options are nice, though. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4983 Share on other sites More sharing options...
Guest Dylan Posted February 12, 2007 Share Posted February 12, 2007 Did you not read the full statement? If there aren't viewers, why sink money into it? Do you honestly need four choices for local news? No. The answer is no. You do not. 2. TV stations generally make the most money from spots that are ran during local news programs. Plus, who says that there won't be any viewers. Detroit is a big city. Even if you're in fourth place, you will still have a lot of viewers. What do you base this on? Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4984 Share on other sites More sharing options...
Wisco TV Watcher 11 Posted February 12, 2007 Share Posted February 12, 2007 What do you base this on? i think hes reading "random trivial tv information: the faux edition" available at books-a-million That comes from a woman that I met who works at WLUK (her name escapes me at the moment). I had a nice chat with her about the TV business and that was one of the things she told me. Sure there are certain events that are big money-makers for local stations (she told me that WLUK makes a killing off of the World Series.), but that is only 7 games (at most). It is nice to have local news to fall back on, if you don't have "big ticket" programming. CBS is a hot network now, but they might fall down in the future (ABC will probably over-take them next year). Remember the '90s? CBS wasn't doing too well and I'm sure WWJ wasn't either. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4985 Share on other sites More sharing options...
TVKidd8 0 Posted February 12, 2007 Share Posted February 12, 2007 From Wikipedia (for what it's worth): On October 19, 2006, John W. Snow, President George W. Bush's second United States Secretary of the Treasury, was named chairman of Cerberus. Former Vice President Dan Quayle has been a prominent Cerberus spokesperson and runs one of its international units. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4987 Share on other sites More sharing options...
blueflag 0 Posted February 12, 2007 Share Posted February 12, 2007 Isn't Cerberus the three-headed dog who guards the gates to Hell? Talk about an evocative name. Link to comment https://localnewstalk.net/topic/605-ktuv-keye-others-sold/#findComment-4990 Share on other sites More sharing options...
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