New Vision Television Announces Agreement To Acquire Wjcl-Tv, The Abc Affiliate In Savannah, Ga And Receive An Assignment Of The Joint Sales Agreement For Wtgs-Tv, The Fox Affiliate In Savannah, Ga From Piedmont Television Holdings, Llc
Los Angeles, CA – New Vision Television, LLC (“New Vision”) and Piedmont Television Holdings, LLC (“Piedmont”) announced today that they have signed a definitive agreement whereby New Vision will acquire the ABC affiliate in Savannah, Georgia. Parkin Broadcasting, LLC will acquire WTGS-TV, the FOX affiliate from Bluenose Broadcasting and also take an assignment of the Bluenose right under the Joint Sales Agreement. In the meantime, with the acquisition of WJCL, New Vision will take an assignment of the existing Joint Sales Agreement for WTGS-TV, the FOX station also in Savannah. The transaction and assignment are subject to regulatory approvals and are expected to be completed in the third quarter of 2007.
Jason Elkin, Chairman and CEO, said “New Vision continues to make targeted investments in areas where we believe that we can be successful. WJCL and WTGS are strong stations and essential stations in the Southeastern market which will add to both our geographic and affiliate diversity.”
The acquisition was supported by the private equity group of HBK Capital Management.
About New Vision Television, LLC
With offices in Atlanta and Los Angeles, New Vision and its predecessor companies have owned and operated more than 20 television stations across the country since 1993. The current holdings of New Vision Television include WIAT-TV, the CBS affiliate in Birmingham, AL, WKBN- TV and WYFX-TV, the CBS and Fox affiliates in Youngstown, OH, and KIMT-TV, the CBS affiliate in the Mason City, IA/Rochester, MN television market. New Vision prides itself on being an innovator in the television industry. New Vision plans to enhance the stations it acquires with an emphasis on localism and news. 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 major and medium-sized market stations across the country to complete their goal of acquiring 15-30 television stations.
About HBK Capital Management
HBK Capital Management is an investment management firm with over $13 billion in equity capital under management. Headquartered in Dallas, the firm also maintains offices in New York, London, Tokyo, and Hong Kong.