Cox Media Group is selling some of its local stations to general entertainment cable network INSP.
Cox said the transaction furthers the strategic evolution of CMG’s broadcast station portfolio and marks INSP’s expansion into broadcast television. The deal involves CMG stations in 12 markets.
At the close of the transaction, Imagicomm Communications, an affiliate of INSP, will acquire the following CMG stations:
KLAX in Alexandria, La., WICZ in Binghamton, N.Y., KIEM and KVIQ-LD in Eureka, Calif., WABG-WNBD-WXVT in Greenwood, Miss., KPVI in Idaho Falls, Idaho, KMVU-KFBI in Medford, Ore., WHBQ in Memphis, Tenn., KAYU in Spokane, Wash., WSYT in Syracuse, N.Y., KOKI-KMYT in Tulsa, Okla., KCYU-LD and KFFX in Yakima, Wash. and KYMA in Yuma, Ariz.
“These are important local journalism and community service brands powered by incredible media professionals and journalists who work tirelessly to inform, entertain, and elevate the communities they serve,” said CMG’s president and ceo Dan York. “We are pleased to advance the strategic evolution of our portfolio, are proud of our team members at these stations, and are confident they will continue to excel in their important work as part of the Imagicomm/INSP family.”
On its website, INSP said it’s “a family-friendly entertainment network. It’s TV the way you remember it, perhaps when you were a kid—timeless Westerns, heartfelt family tales, action-packed drama, plus INSP original shows and movies.”
David Cerullo, chairman & ceo of INSP, said the company is excited to be entering the broadcast television market with such a strong collection of local stations.
“We look forward to working with the stations’ talented staff and building upon their rich legacy of journalism and serving their communities, advertisers, and audiences,” said Cerullo. “This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms.”
The transactions are subject to customary closing conditions, including applicable regulatory approvals. The parties expect to close the announced transactions in the second half of 2022.