Birmingham, AL and Richmond, VA Exchange Will Result in Regional Consolidation
Montgomery, AL and Ft. Wright, KY. January 6, 2009 - Raycom Media ("Raycom") and Local TV Holdings LLC ("Local TV") announced that they have entered into a definitive Asset Exchange Agreement.
Local TV will swap WBRC-TV (FOX 6) in Birmingham, Alabama for Raycom's WTVR-TV (CBS 6) in Richmond, Virginia plus additional consideration. The transaction is expected to close sometime during the first half of 2009.
Raycom CEO Paul McTear and Local TV CEO Bobby Lawrence inked the deal and announced the trade to their respective stations earlier today.
Paul McTear, CEO of Raycom said, "Acquiring WBRC strengthens Raycom's position in the great State of Alabama. Adding WBRC to our portfolio gives Raycom a presence in nearly every major Alabama market. This transaction allows us to complete the mandated divestiture of WTVR, Channel 6 in Richmond. We are thrilled that our employees can now put the question of ownership behind them and begin a promising future with Local TV."
Bobby Lawrence, CEO of Local TV said, "We are excited to acquire WTVR, a heritage station in the attractive Richmond market, which will strengthen our position in the Commonwealth of Virginia. We see a strong opportunity to create a Virginia-focused regional operation which will allow us to provide enhanced news coverage and service to the community. At the same time, we are sad to say farewell to our first-class group of employees at WBRC, who have done an exceptional job."