Post-Newsweek Stations officially announced Friday (July 18) the purchase of WTVJ, NBC Universal’s owned-and-operated NBC station in Miami, confirming a story that broke earlier this week in the Miami Herald. The acquisition, if approved, would give Post-Newsweek, which owns WPLG, the ABC affiliate there, a duopoly in the 16th largest TV market.
Terms were not disclosed, but earlier reports estimated the station sale between $350 to $400 million, money NBCU could use to offset its recent purchase of The Weather Channel.
“We are pleased to be able to reach an agreement to purchase such a historic station as WTVJ, the first TV station to broadcast in Florida,” said Alan Frank, president and chief executive officer of Post-Newsweek Stations.
Earlier this year NBCU announced its intent to sell the Miami station, as well as WVIT its owned-and-operated station in Hartford, Conn. NBC is keeping its Telemundo station in Miami, WSCV. Following the sale of the two stations, NBCU would be left with eight owned-and-operated NBC stations, seven in the top 10 markets.
The transaction, which is expected to close by the end of the year, requires Federal Communications Commission approval. FCC rules allow duopolies as long as one of the stations is not one of the top four-ranked stations. WPLG is No. 1 in the market overall; WTVJ is sixth.