Posted by chicagomedia.org on August 04, 2008 at 18:19:33:
Weigel Broadcasting to sell 3 stations
Chicago's Weigel Broadcasting today announced it's selling its three low-power television stations in the South Bend, Ind., market to WSBT-Ch. 22, the CBS affiliate there owned by Schurz Communications.
Pending a regulatory review of the sale's potential impact on the nation's No. 89 TV market, Schurz will take control of ABC affiliate WBND-Ch. 58, CW affiliate WCWW-Ch. 25 and My Network TV outlet WMYS-Ch. 69 -- all headquartered in Mishawaka, Ind. -- by year's end. Weigel was represented by New York investment banking firm HT Capital Advisors, LLC, but terms were not disclosed.
"This transaction will allow our company to focus on our core assets in Chicago and Milwaukee, as well as develop new business ventures such as 'This,' our digital network channel venture with MGM Studios, Inc.; our daily syndicated [program], 'First Business' and our Web properties," Neal Sabin, executive vice president of Weigel Broadcasting, said in a statement.
Weigel Broadcasting -- which owns Chicago's WCIU-Ch. 26, WWME-Ch. 23 and WMEU-Ch. 48 -- last week announced a partnership with Metro-Goldwyn-Mayer Studios on a national offering called This TV Network, which will provide content for broadcasters to air on their digital sub-channels.
Norman H. Shapiro, Weigel's president, said in his statement that the company was "proud of having maximized low power television broadcast facilities in the South Bend/Michiana market, without which there would be no local ABC, CW or MyNetworkTV service" and expressed confidence that "under the leadership of WSBT, Inc. they will have enhanced opportunities and local service."
Todd F. Schurz, Chief Executive Officer of South Bend-based Schurz Communications, Inc. said in the announcement that his company looked forward to "welcoming the employees of WBND, WCWW and WMYS to Schurz." Much of the three Indiana stations' operations are staffed out of Chicago, and Weigel looks to give those affected employees new duties; no layoffs are planned.
Schurz Communications is a diversified, privately-owned 136-year-old company with holdings in Indiana, Alaska, Kentucky, Maryland, Pennsylvania, California, Florida, Missouri, Michigan, Georgia, South Dakota, Kansas and Virginia.
Its properties include two cable companies, eight TV stations with an operating interest in a ninth, as well as a dozen daily and seven weekly newspapers in medium and small markets with a combined circulation of nearly 225,000. It also owns 13 radio stations, operating three more.
"This opportunity will enable WSBT to expand our local community service and better enable us to meet the changing needs of the market and the community," John M. Mann, WSBT president and general manager, said in a statement.
(Rosenthal)