Raycom-Local TV Swap Includes $85M
According to an FCC filing, Raycom Media is kicking in $85 million plus its CBS affiliate WTVR Richmond, Va. (DMA 58) to acquire Local TV's Fox affiliate WBRC Birmingham, Ala., (DMA 40).
Raycom has to sell WTVR because it bought another Richmond station, WWBT, from Lincoln Financial Group in April 2008. The FCC duopoly rules prohibit ownership of two top-rated stations in the market.
Raycom had an earlier agreement to sell WTVR to Sinclair Broadcast Group $85 million, but that deal fell through after the Justice Department nixed the deal on antitrust grounds.