New Vision Television Announces Completion Of Acquisition Of WJCL-TV, The ABC Affiliate In Savannah, GA With 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") has announced today that it has completed the acquisition of WJCL-TV, the ABC affiliate in Savannah, Georgia from Piedmont Television Holdings, LLC. Parkin Broadcasting, LLC also completed its acquisition of WTGS-TV, the FOX affiliate from Bluenose Broadcasting. New Vision has taken an assignment of the existing Joint Sales Agreement for WTGS-TV.
Jason Elkin, Chairman and CEO, said "We are happy to complete our acquisition of WJCL and the related JSA transaction with Parkin Broadcasting for WTGS-TV. The Savannah market is an attractive high-growth area, and we are excited about this opportunity to broaden and diversify our television portfolio with the acquisition of WJCL-TV and the JSA with WTGS-TV."
This is the second time New Vision Television will own and operate an asset in the Savannah television market. The Company included NBC affiliate WSAV-TV in its station portfolio during the early nineties as one if its first acquisitions. "This is the second time in Savannah for Jason and I," commented John Heinen, New Vision President and Chief Operating Officer, who served as General Manager of WSAV and Corporate V.P. of Programming for New Vision at the Company's founding in 1993. "Savannah is a dynamic business environment, and we are excited to once again be working with the advertisers and community leaders in a great coastal town," he added.
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. The Company has a pending contract to complete the acquisition of the broadcast assets of Montecito Broadcasting including KOIN-TV the CBS affiliate in Portland, Oregon, KHON-TV, the FOX affiliate in Honolulu, KSNW- TV, the NBC affiliate in Wichita, Kansas and KSNT-TV the NBC affiliate in Topeka, Kansas. 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, Elkin and Heinen 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 15-20 television stations.
About HBK Capital Management
HBK Capital Management is an investment management firm with approximately $14 billion in equity capital under management. Headquartered in Dallas, the firm also maintains offices in New York, London, Tokyo, and Hong Kong.