One family may end up owning all four network television affiliates in the Greenwood-Greenville market
by Associated Press
Published: May 11,2012
GREENWOOD — One family may end up owning all four network television affiliates in the Greenwood-Greenville market.
The Greenwood Commonwealth reports that WXVT-Channel 15, a CBS affiliate, is in the process of being sold for $2.65 million by Saga Broadcasting to a company controlled by Charles Harker’s three children.
The Californian already owns the ABC, NBC and Fox stations — WABG, WNBD and Delta Fox — in the area through the Commonwealth Broadcasting Group.
The deal requires approval of the Federal Communications Commission, which could come by September.
According to documents on file with the Federal Communications Commission, the sale works this way:
Harker, sole stockholder of Commonwealth Broadcasting, has agreed to guarantee a $2.65 million loan to H3 Communications LLC of Century City, Calif.
The officers of H3 Communications are Harker’s three children.
After the sale, H3 Communications will enter into an agreement with Commonwealth Broadcasting to “sell advertising on WXVT and provide traffic, billing, marketing and related services to WXVT.”
A 53-page purchase agreement dated April 3 spells out what each side must do.
It says, in part, that the new owners are under no obligation to hire WXVT’s employees but can do so. The new owners must give a list of the employees they plan to keep to the current owners by June 1.
Harker bought WABG in 2007.
His company launched an NBC station in late 2010. This caused some backlash in Greenwood because cable viewers could no longer get the more-established WTVA of Tupelo.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “One family may end up owning all four network television affiliates in the Greenwood-Greenville market”
Top Posts & Pages
- IKE TROTTER: There are primary changes in Social Security for 2014
- Hood clarifies opinion on open-carry gun law
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- C Spire launches next phase of 1-gig service rollout
- Alumni-couple donate $12.3M to Mississippi State
- Town given Obamacare insurance break, but faces additional costs in 2015
- Public meeting called to mull future of convention center
- Court to hear case involving alligators and ExxonMobil
- TRIP releases report on state's crumbling roads, bridges