Acquisition of WPRI-12’s Parent Co. Has New Twists & More Media News
Wednesday, December 07, 2016
The mega-merger between Nexstar Broadcasting and Media General was scheduled to be completed by now. Late last week, WPRI-12’s parent company, Media General, extended the deal, but now it has additional complexities.
In October, GoLocal reported that the U.S. Department of Justice approved the $4.6 billion takeover by Nexstar Broadcasting of Media General. Media General is the owner of WPRI-12 and if the final FCC approval is granted, this will be WPRI’s third owner in less than two years.
For years, WPRI was the flagship station of LIN Media which was headquartered in Providence, but then two media mergers in a row have made WPRI-12 just another station among dozens of cities and media holdings.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe deal also faces a spectrum sale complexity.
Last week, the American Cable Association asked the FCC to block the request by Nexstar and Media General for a waiver of the FCC's Prohibited Communications Rule — the rule that so far has blocked FCC action on Nexstar's proposed purchase of Media General.
Media General has told Wall Street and regulators that it plans to participate in the auction, creating a complexity for regulators.
For WPRI, their importance may decline to its parent company. When it was owned by LIN Media, it was the flagship as the corporate headquarters were located in Providence, but two mergers later things may be more complex. Nexstar claims that after the merger they will hold 171 television stations in 100 markets "reaching 38.9% of all U.S. TV Households.”
Related Slideshow: Media Changes in December, 2016
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