Michaels, Lawrence Close On N.Y. Times TV Stations
May 7, 2007 at 3:31 PM (PT)
RANDY MICHAELS and BOBBY LAWRENCE, as LOCAL TV LLC, have taken control of the NEW YORK TIMES television stations with the closing of their $575 million deal to buy the TIMES' NBC affiliates WHO-TV/DES MOINES and KFOR-TV/OKLAHOMA CITY; CBS affiliates WREG-TV/MEMPHIS, WHNT-TV/HUNTSVILLE, KFSM-TV/FORT SMITH, and WTKR-TV/NORFOLK; ABC affiliates WQAD-TV/QUAD CITIES and WNEP-TV/SCRANTON; and MY NETWORK TV affiliate KAUT-TV/OKLAHOMA CITY, plus their websites and the group's Digital Operating Center master control.
We are the vision you canâ??t ignore.
"It’s a new day, a new culture and a new company," says CEO MICHAELS, the longtime radio executive. "It is always difficult to change a culture, especially one so fundamentally different from ours. But the only way to win in this changing business is to lead the change. There’s no question that 'business as usual' has no place at LOCAL. We are the vision you can’t ignore."
"Local TV’s name isn’t a coincidence," adds COO LAWRENCE. "Our focus is our local market, our local product and our local sales opportunities. We can’t change what NBC sends over the transom anymore than we can take credit for CBS’ ratings strength. But we can make a difference on what we control – our 4-7, news and fringe. That’s where we compete… and where we’ll focus our time and energy."
LOCAL TV was backed in the deal with proceeds from a $275-million Senior Secured Bank facility and a $190-million Senior Note 144a-for-life offering underwritten by UBS INVESTMENT BANK and DEUTSCHE BANK SECURITIES, and a $130 million investment from OAK HILL CAPITAL PARTNERS II and management.