INSP subsidiary buys TV stations from Cox Media
General entertainment cable network INSPthrough its subsidiary Imagicomacquired television stations in twelve markets from Cox Media Group, a media company. The acquired stations are broadcast in areas such as Greenwood, Idaho Falls and Medford.
Imagicomm Communications is responsible for the ownership and management of broadcast-related functions for INSP, including content distribution in the broadcast environment, station ownership, oversight and development. INSP is a nationwide cable entertainment network available to more than 62 million homes.
Cox Media Group provides local content to viewers in the communities in which it serves and its portfolio includes major affiliates of ABC, SCS, FOX, NBC, Telemundo and MyNetworkTV. The company’s operations include 31 television stations in 20 markets, 53 radio stations in 11 markets, and numerous streaming and digital platforms.
“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 CMG’s CEO. 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. »
Truist Titles acted as financial advisor to INSP and Imagicomm Communications on the transaction and is acting as lead arranger for the debt financing. Davis Wright Tremaine has served as Senior M&A Advisor for INSP and Imagicomm Communications, and Bradley Arant Boult Cummings served as financial advisor. Moelis & Cie. and LionTree served as financial advisors to Cox Media Group, and was represented on the transaction by Davis Polk and Wardwellwith Cooley and Morgan Lewis and Bockius serving as a special regulatory advisor.