Los Angeles, CA - New Vision Television, LLC ("New Vision") and Montecito Broadcast Group, LLC ("Montecito") announced today that they have signed definitive agreements whereby New Vision will acquire the assets and outstanding stock of the companies holding the following television stations:
- KOIN-TV, the CBS affiliate in Portland, Oregon
- KHON-TV, the FOX affiliate in Honolulu, Hawaii, along with the CW affiliation
- KSN-TV, the NBC affiliate in Wichita, Kansas
- KSNT-TV, the NBC affiliate in Topeka, Kansas, along with the CW affiliation
The agreements also include the purchase of satellite stations, KHAW-TV and KAII-TV in Hawaii, along with KSNC-TV, KSNG-TV in Kansas and KSNK-TV in Nebraska.
The transaction and assignment are subject to regulatory approvals and are expected to be completed in the fourth quarter of 2007.
Jason Elkin, Chairman and CEO of New Vision, said "All of these stations are incredibly strong and very essential to their respective markets. Further, these assets perfectly complement our existing station portfolio. This will give New Vision Television additional critical mass while creating key affiliate and geographic diversity. We were interested in these stations when they were first offered by Emmis in 2005 and feel fortunate to have had the chance to now acquire them from Montecito."
The acquisition was supported by the private equity group of HBK Capital Management.
About New Vision Television, LLC
With corporate offices in Atlanta and Los Angeles, New Vision and its predecessor companies, inclusive of this acquisition, will have owned or operated more than 30 television stations across the country since the inception of New Vision Television in 1993.
New Vision plans to enhance the stations it acquires with an emphasis on its employees and localism with news and expansion of online services. Together with Mr. Elkin, John Heinen, President and Chief Operating Officer, will continue to invest in the television industry and focus their attention on the acquisition and operation of large and medium-sized market stations across the country to complete their goal of acquiring 20-30 television stations.
About HBK Capital Management
HBK Capital Management is an investment management firm with over $14 billion in equity capital under management. Headquartered in Dallas, the firm also maintains offices in New York, London, Tokyo, and Hong Kong.