One family may end up owning all four network television affiliates in the Greenwood-Greenville market

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.

[RSS Feed] [del.icio.us]



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”

  1. $3 Million Buy For North Mississippi Station Could Keep Entire Market “All In The Family” « South TV News Says:

    [...] Mississippi Business Journal reports that is a serious possibility because of the way this sale works. Check out this excerpt among the [...]

POST A COMMENT

 

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages