New Orleans billionaire and owner of the New Orleans Saints, Tom Benson, is reportedly set to sell his majority stake in WVUE to Raycom, The Advocate reports.
“With the ever-changing media landscape, we believe it is in the best interest of the station to sell and transfer control to our media partners at Raycom,” said Benson. “They have been a great partner over the last few years and have shown remarkable dedication and commitment to our community.”
Benson bought the station in 2008 for $41 million. The advocate says Benson plans to keep a minority stake in the station.
Radio+Television Business Report says Raycom, which currently operates New Orleans Fox affiliate, is about to exercise an option to buy the station from Benson’s Louisiana Media Company.
“The agreements, forged on Dec. 12, 2013, gave Raycom the option to buy WVUE at a later date,” says the report. “Now that the spectrum auction has closed, Raycom has exercised its option and is ready to take on the Crescent City’s home for Peter Griffin, Homer Simpson and 34-year veteran newsman John Snell.”
TVSpy asked Raycom about the move. We will update when we hear back.