One family may end up owning all four network television affiliates in the Greenwood-Greenville market
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
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Warden who lives hundreds of miles from jail resigns
- Ex-MDEQ leader Fisher joins Butler Snow
- Hunting-weapons legislation passes House
- Analyst: KiOR Columbus plant may end up sold as scrap
- Jail kitchen supervisor pleads guilty to stealing food
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Nehi Bottling Company has been a Cleveland fixture for 85 years