CW Affil Worth $217 Million In Orlando

CW AFFILIATE WORTH $217 MILLION IN ORLANDO
[SOURCE: Broadcasting&Cable, AUTHOR: Allison Romano & John Eggerton]
Hearst-Argyle is buying WKCF-TV Orlando, the 20th largest TV market in the US, from Emmis for $217 million. Hearst-Argyle already own WESH-TV there, so it will now have a duopoly in the market. WKCF is a WB and soon-to-be CW affiliate. The company now has duopolies in five of its seven biggest markets, four TV duopolies and one radio-TV. Opportunities for duopolies in top markets like Orlando don't come up often under today's FCC rules, said H-A spokesman Tom Campo. For its part, Emmis is divesting its TV properties to concentrate in radio. Also Monday, Emmis unveiled a stock buyback proposal that would give founder and Chairman Jeff Smulyan full control of the company. Under the proposal, Smulyan’s corporation, ECC Acquisition, would buy back outstanding shares at $15.25 per share, a 13.6% premium over the stock’s closing price last Friday.
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