London Broadcasting Announces the Signing of a Definitive Agreement to Acquire KIII-TV, the ABC Affiliate in Corpus Christi
Monday, May 3, 2010
DALLAS, Texas—London Broadcasting Company announced today that it has signed a definitive agreement to acquire KIII-TV from Channel 3 of Corpus Christi, Inc., a company controlled by Michael D. McKinnon and his family. KIII-TV is the ABC affiliate serving the citizens of Corpus Christi and South Texas.
As measured by A.C. Nielsen Company, KIII-TV is located in the 129th television market in the US and serves approximately 570,000 people in 200,000 households. KIII-TV has admirably served the local community and been a South Texas Tradition since 1964.
Terry E. London, President of London Broadcasting, commented: “We are extremely honored to have the opportunity to acquire KIII-TV from Mr. McKinnon. Channel 3 is an outstanding station and market leader.” Exhibiting a never-ending commitment to public service, the station has admirably served all citizens of South Texas and developed unique specials and programs such as The Domingo Pena Show, all designed to meet the needs of the local community. As the McKinnon’s have done for over 45 years, we are committed to continue to serve South Texas faithfully and honestly. We are a Texas-based broadcaster focused only on the State of Texas. We like to say we are “Texas Born…Texas Proud…We Are Texas.”
The transaction is subject to FCC approval and is expected to close prior to August 31, 2010.
Committed to Broadcasting and Texas
With this agreement, London Broadcasting will operate a total of ten channels and five websites in the State of Texas: 2 NBC, 2 ABC, 1 CBS, 1 CW, 1 Azteca, and 3 Independent channels with stations in Waco-Killeen-Temple-Bryan-College Station (DMA #94), Tyler-Longview (DMA #110), Corpus Christi (DMA #129) and Beaumont-Port Arthur (DMA #141). London Broadcasting will serve over 2.6 million Texans in 975,000 households, representing approximately 11% of the Texas population. We believe we are the 3rd largest mid-market broadcaster in Texas. The Company also owns 41 Entertainment, a Dallas-based television production company that produces television programs, television commercials and other forms of video and music content.
About London Broadcasting Company
Terry E. London and SunTx Capital Partners (“SunTx”) formed London Broadcasting Company in 2007 to acquire and operate Texas-based media properties. The Company also owns 41 Entertainment, a Dallas-based television production company that produces television programs, television commercials and other forms of video and music content.
London is a 30-year media veteran and former President & CEO of Gaylord Entertainment Company, a diversified media and entertainment company which included ownership in such properties as TNN: The Nashville Network, CMT: Country Music Television, the world famous Grand Ole Opry, the Gaylord Hotels, Word Records, Cencom Cable, major market television stations, radio stations and television production companies. He serves on the Board of Directors of Pier 1 Imports and Johns Outdoors, Inc.
SunTx is a private equity investment partnership that works closely with management teams to buy and build middle market companies. Founded in 2000 and headquartered in Dallas, SunTx has approximately $600 million of assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds.
Phil Hurley, EVP & COO London Broadcasting Company, Inc.
Melissa Sheer (For SunTx Capital Partners) Kekst and Company