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Journal Communications, Inc. (NYSE:JRN)
of Milwaukee, Wisconsin announced today that its Journal Broadcast Group subsidiary has entered into a definitive agreement to purchase WTVF NewsChannel 5 Network, a CBS-affiliated station with an ancillary news and digital channel as well as a market leading internet property, owned by Landmark Media Enterprises, LLC ("Landmark") for $215 million in cash plus a working capital adjustment at closing. Closing is subject to FCC approval.
“We are especially pleased to reach an agreement to purchase NewsChannel 5 in Nashville,” said Steven J. Smith, Chairman and CEO of Journal Communications. “This station will be a cornerstone asset within Journal Communications. WTVF TV is an exceptional local news station with an extraordinary staff that demonstrates its commitment to Nashville every single day. We are delighted to welcome NewsChannel 5's outstanding team to Journal.”
Frank Batten, Jr., Chairman and CEO of Landmark, said, “We are extremely proud of what our News Channel 5 team has achieved. We are pleased that, in Journal, we have a buyer with a great culture and excellent opportunities for our employees to grow.”
NewsChannel 5 Network consists of NewsChannel 5 (WTVF), NewsChannel 5+, a This TV affiliate (D3) and NewsChannel5.com, a market leading local digital news site. NewsChannel 5+ broadcasts on the D2 frequency offering the only original, local content produced exclusively for the digital channel. WTVF is the ratings and revenue market share leader in the Nashville market, as well as one of the top three CBS affiliates in the nation based on CBS ratings in metered markets.
WTVF provides the Nashville market with award winning news programming, top-rated local content and leading weather reporting. The station has been recognized nationally on numerous occasions including: a 2012 DuPont, 2011 National Headliner, 2012 winner of 10 regional Emmy awards, 2011 NPPA National Photographer of the year, and 2011 winner of five AP Awards including Best Investigation.