Raycom to Combine With Community Newspaper Holdings, Sell Cross-Owned Assets
Raycom Media will combine with Community Newspaper Holdings Inc. and operate it as a subsidiary, the broadcaster said in a news release Monday. Raycom has 65 TV stations and two radio stations in 44 markets in 20 states; CNHI has…
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110 newspapers, websites and “niche publications” in 22 states, the buyer said. The two companies have overlaps in seven markets, and the newspaper properties in those markets will be sold to third parties, it said. “While it is contrary to the trend of separating newspapers and television properties, we believe the synergies this merger creates will only enhance our ability to deliver exceptional local content, extend our community presence and grow our respective multimedia footprints,” said Raycom CEO Pat LaPlatney. The deal is expected to be complete on Friday.