Journal Communications to Buy WTVF for $215M - TVSpy

Journal Communications, Inc. announced today that its Journal Broadcast Group has entered into a definitive agreement to purchase Nashville?s CBS affiliate, WTVF, from Landmark Media Enterprises, LLC.

?We are especially pleased to reach an agreement to purchase NewsChannel 5 in Nashville,? said Steven J. Smith, Chairman and CEO of Journal Communications. ?This station will be a cornerstone asset within Journal Communications. WTVF TV is an exceptional local news station with an extraordinary staff that demonstrates its commitment to Nashville every single day. We are delighted to welcome NewsChannel 5?s outstanding team to Journal.?

In October 2008, WTVF looked like it was being sold to Bonten Media Group.? But Landmark terminated the deal when Bonten notified Landmark it wouldn?t be able to close the deal on time.

Milwaukee based Journal Communications owns and operates 14 television around the country in addition to multiple radio stations. They also publish the Milwaukee Journal Sentinel.

The deal with Journal is worth $215 million in cash plus a working capital adjustment and is subject to FCC approval.

Source: http://www.mediabistro.com/tvspy/journal-communications-to-buy-wtvf-for-215m_b59007

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