We reported at the end of October that our insiders heard WPEC could be put up for sale, today it became official!
WPEC parent company Freedom Communications is putting up its whole TV group for sale actually. The group includes 8 television stations in total with an asking price of $400 to $500 million dollars according to TVNewsCheck. The biggest station in the group is Palm Beach CBS affiliate WPEC. Nexstar, Gannett, LIN, Gray and Newport are some of the media companies who may step in and make offers especially if they can pick off stations.
Some of these companies already own or operate stations in Florida. Gannett owns and operates the Tampa CBS affiliate WTSP Channel 10, Jacksonville NBC affiliate WTLV and ABC affiliate WJXX. Nexstar operates Palm Beach CW affiliate WTVX, WTCN and WWHB for Four Points Media Group and owns Jacksonville CW affiliate WCWJ. Newport Television owns the FOX, CBS and MyNetwork TV in Jacksonville, Florida. Gray Television owns the CBS affiliate for Tallahassee WCTV.
Freedom Communications came out of bankruptcy earlier this year and is now controlled by hedge fund Angelo, Gordon & Co. (which has 45% controlling interest), Alden Grlobal Capital and Luxor Capital Group after having $450 million dollars in debt forgiven.
It’s time to repay the money men.