Press Release
Announcing the Signing of a Definitive Agreement
to Acquire KYTX CBS 19, Tyler-Longview, Texas, for $25 Million
Wednesday, October 17, 2007
DALLAS, Texas—
Terry E. London and
SunTx Capital Partners announced today the formation of London
Broadcasting Company, Inc. and the signing of a definitive agreement
to purchase television station KYTX CBS 19, Tyler-Longview, Texas,
from Max Media LLC for $25 million.
Formation of London Broadcasting Company, Inc.
London Broadcasting Company is a Dallas-based company formed to acquire
and operate media properties in small and mid-sized markets in order
to become a significant broadcaster and content provider.
About Terry E. London
London, 58, is currently the Managing Partner of Dallas-based
41
Entertainment L.P., which will become a subsidiary of London
Broadcasting Company. 41 Entertainment is a film and television
production company focused on high definition content creation
with expertise in a wide array of genres including Country Music,
Motor Sports, Travel, Documentary and Outdoor Entertainment such
as the long running Hank Parker’s Outdoor Magazine and the
adventure series, The KT Diaries. London also serves on the Board
of Directors of Pier 1 Imports, Inc. and Johnson Outdoors, Inc.
London is a 30-year media veteran and former President &
CEO of Gaylord Entertainment Company. Gaylord Entertainment, based
in Nashville, Tennessee, was created as a diversified media and
entertainment company including ownership or interests in such
properties as TNN: The Nashville Network, CMT: Country Music Television,
the world famous Grand Ole Opry, the Gaylord Hotels, the Opryland
Theme Park, Acuff-Rose Music Publishing, Word Records, Cencom
Cable, major market television stations, radio stations, movie
and television production companies, Bass Pro Shops, The Texas
Rangers, and Gaylord Sports Management. Among other transactions,
Gaylord Entertainment sold TNN and CMT to Viacom, Inc. in 1997
for $1.6 billion and KTVT-TV, the Dallas-Fort Worth CBS affiliate,
to CBS for $485 million in 1999.
“I look forward to the opportunity to reenter the television
broadcast industry and focus on small to mid-size markets,”
said London. “I consider it a privilege to create, produce
and deliver quality news and entertaining content to local communities.”
About SunTx Capital Partners
SunTx
Capital Partners is a private investment firm that invests
in middle-market companies operating in the Sunbelt region of
the United States. SunTx focuses on supporting exceptional management
teams where the firm can apply its operational and financial experience
to build value in leading middle-market companies.
Acquisition of KYTX CBS 19
London Broadcasting Company has signed a definitive agreement with
Max Media L.P. to acquire the assets of KYTX-TV CBS 19 for $25 million.
KYTX CBS 19 broadcasts in the Tyler-Longview, Texas market, the
111th television market in the US, as measured by A.C. Nielsen Company.
The agreement also includes a second digital channel MYTX-TV 18, which
is programmed as an independent station focusing on local and regional
sports
The acquisition of KYTX/MYTX will become the platform property for
London Broadcasting Company. The stations are committed to bringing
informative news and quality entertainment to East Texas. Phil Hurley
will continue as President and General Manager, and John Gaston will
remain Station Manager.
“I look forward to working with Phil and John in building London
Broadcasting into a formidable group,” said London. “They
have done an outstanding job in building KYTX CBS 19 into a state-of-the
art television station. CBS 19 Eye Witness News is a quality, informative
news operation. Representing the future of digital television, MYTX
18 has been uniquely and creatively built into a viable independent
sports and entertainment channel. I am very optimistic about the growth
potential of these stations in a growing and dynamic area of the great
state of Texas. We remain committed to being actively involved in
the community and broadcasting in a manner that meets the needs and
interest of the people of Tyler, Longview and surrounding communities.”
The transaction is subject to FCC approval and is anticipated to close
in the first quarter of 2008.
Contact:
Philip H. Hurley
Executive Vice-President & Chief Operating
Officer
London Broadcasting Company, Inc.
(214) 812-9600
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