Los Angeles, CA - New Vision Television, LLC ("New Vision") and Piedmont Television Holdings, LLC ("Piedmont") today announced the completion of New Vision's previously announced acquisition of Piedmont's CBS and FOX stations in Youngstown, Ohio. The final acquisition price was approximately $47 million.
Jason Elkin, Chairman and CEO, said "We are excited to complete the acquisition of these leading stations in Youngstown, Ohio. After significant market due diligence, New Vision feels certain that Youngstown has significant appeal and potential for growth."
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. 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 10-20 television stations.
About HBK Capital Management
HBK Capital Management is an investment management firm with over $12 billion in equity capital under management. Headquartered in Dallas, the firm also maintains offices in New York, London, Tokyo, and Hong Kong.