Greater Media Buys WBT-A/F, WLNK/Charlotte
November 12, 2007 at 11:27 AM (PT)
LINCOLN FINANCIAL MEDIA has announced that it is selling its CHARLOTTE cluster -- Talk WBT-A, its suburban simulcast partner WBT-F, and Talk-AC WLNK (107.9 THE LINK) -- to GREATER MEDIA for $100 million. Closing is expected in early 2008.
The price tag for the CHARLOTTE stations was $100 million in cash; LINCOLN FINANCIAL also sold its three television stations in CHARLOTTE, RICHMOND and CHARLESTON, as well as its sports syndication business, to RAYCOM MEDIA for $583 million in cash.
"We are pleased to have reached these agreements with RAYCOM MEDIA and GREATER MEDIA," said LINCOLN FINANCIAL GROUP Pres./CEO DENNIS R. GLASS. "RAYCOM has been a valuable partner in the sports syndication business and, given RAYCOM's presence in the SOUTHEASTERN U.S., is a logical partner for our television assets. GREATER MEDIA is a well-established company with significant radio holdings in BOSTON, DETROIT and PHILADELPHIA, as well as throughout NEW JERSEY. It is known for its belief in local management and community service. Both are high-quality media companies with a commitment to building these businesses."
"CHARLOTTE is a huge growth market and gives us a strong presence in the Southeast to balance our successful markets in the Northeast," said GREATER MEDIA President/CEO PETER SMYTH. "We've met with the team in CHARLOTTE and think they will be a great fit with the GREATER MEDIA family."
LINCOLN FINANCIAL is expected to eventually divest itself of all of its remaining radio properties, including the clusters in MIAMI, ATLANTA, SAN DIEGO, and DENVER, but inside word into ALL ACCESS says that those clusters are not for sale "at this time".
More on this as it develops.