Cox Media Group to sell TV stations to Twelve
ATLANTA and CHARLOTTE, North Carolina, March 30, 2022 (GLOBE NEWSWIRE) — Cox Media Group (CMG), an industry-leading media company, and general entertainment cable network INSP, LLC (INSP) today announced that each company’s subsidiaries have entered into a definitive agreement to sell CMG television stations in twelve markets. The transaction furthers the strategic evolution of CMG’s broadcast station portfolio and marks INSP’s expansion into broadcast television.
Upon closing of the transaction, Imagicomm Communications, a subsidiary of INSP, will acquire the following CMG stations:
“These are important local journalism and community service brands powered by incredible media professionals and journalists who work tirelessly to inform, entertain and uplift the communities they serve,” said President and CEO. management of CMG, Dan York. “We are pleased to advance the strategic evolution of our portfolio, we are proud of our team members at these stations and we are confident that they will continue to excel in their important work within the Imagicomm/INSP family. »
David Cerullo, President and CEO of INSP, said, “We are thrilled to enter the television market with this strong collection of brands that are integral to informing and entertaining the communities they serve. serve. We look forward to working with the stations’ talented staff and building on their rich journalism heritage and serving their communities, advertisers and audiences. This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms.
The transactions are subject to customary closing conditions, including applicable regulatory approvals. The parties expect to close the announced transactions in the second half of 2022.
Truist Securities, Inc. served as financial advisor to INSP and Imagicomm Communications on the transaction and is acting as left lead arranger on the debt financing. Davis Wright Tremaine, LLP served as senior M&A advisor to INSP and Imagicomm Communications, and Bradley Arant Boult Cummings served as their fundraising advisor.
Moelis & Company, LLC and LionTree served as financial advisors to Cox Media Group, and it was represented on the transaction by Davis Polk & Wardwell LLP, with Cooley LLP and Morgan Lewis & Bockius LLP serving as special regulatory advisor.
About the GCM
CMG Media Corporation (d/b/a Cox Media Group) is an industry-leading media company with unrivaled brands, award-winning content and exceptional people. CMG provides valuable local content to viewers in the communities in which it serves. The Company’s operations primarily include 31 high-quality and market-leading television stations in 20 markets, 53 top-performing radio stations broadcasting multiple genres of content in 11 markets, and numerous streaming and digital platforms. CMG’s portfolio includes major ABC affiliates, CBS, FOX, NBC, Telemundo and MyNetworkTV, as well as several high-value independent and news channels. Additionally, the company also offers a full range of national, regional, local and digital advertising services with CMG Local Solutions, CoxReps and Gamut. For more information about CMG, visit www.coxmediagroup.com.
INSP, LLC is a 24-hour general entertainment cable network that provides a reliable viewing experience with a range of exclusive and original series, timeless westerns, action-packed dramas and movies focused on adventure and heroic characters. The network’s viewership continues to grow at a time when most cable networks have seen declines, and its average monthly HH ratings have increased over 1300% from 2010 to 2022. INSP is available nationwide for over 62 million households via MVPDs, including DISH (channel 259), DIRECTV (channel 364), Cox Communications, Comcast Xfinity, Charter Spectrum, National Cable Television Cooperative (NCTC), Verizon Fios (channel 286), AT&T U-verse (channel 564) and on vMVPDs including SLING TV, fuboTV, Philo, Frndly TV, Vidgo, SelectTV and Evoca.
About Imagcom Communications
Imagicomm Communications is a subsidiary of INSP, LLC responsible for the ownership and management of broadcast-related functions for the organization, including content distribution in the broadcast environment, station ownership, oversight and development.