WVUE has announced its parent company Louisiana Media Company has reached an agreement in principle to a shared services agreement with Raycom Media.
According to the station the SSA, “will allow Louisiana Media Company to “join hands” with the strongest regional television group in Louisiana, Mississippi and Alabama, Raycom Media. The shared services agreement between WVUE Fox 8 and Raycom Media will permit Raycom Media to provide operational services for the station, under the ultimate control of Louisiana Media.”
The New Orleans FOX affiliate was rumored to have been sold in October when Raycom investor Retirement Systems of Alabama told its members in a newsletter Raycom was close to closing on the sale of WVUE for $55.6 million. At the time, WVUE told the New Orleans Times-Picayune, “There is no sale pending. The station is not for sale.”
“We are excited to expand in such a creative way, while maintaining our local ownership. This collaboration allows both companies to become stronger in the region right away,” said WVUE owner Tom Benson. “The synergy between what we have already established at WVUE Fox 8 and what Raycom Media can offer will be positive for both of us and our viewers.”
“Like WVUE, Raycom is committed to quality journalism and serving our communities,” said Paul McTear, president and CEO of Raycom Media. “We’re excited about this partnership which provides more depth and resources in covering issues of importance to the people of New Orleans and the Gulf Coast region.”
The agreement will go into effect December 16.