Allbritton Puts Itself On The Block
Allbritton Communications, owner of seven full-power ABC affiliates including WJLA Washington, said today that its considering selling the group, among other "strategic alternatives."
"There can be no assurance that the exploration of strategic alternates will result in the consummation of any transaction," the family-owned company said in a statement, noting that there is no timetable for action.
Based in Arlington, Va., Allbritton also owns NewsChannel 8, a 24-hour, local news cable channel in Washington.
Allbritton was founded by Joe Allbritton, who died last December. His son, Robert, now runs the company as chairman. Fred Ryan, a one-time aide to President Ronald Reagan, is president.
For the review, Allbritton said, it has retained Moelis & Co. as its financial adviser and Paul Hastings and Dow Lohnes as its legal counsel.
The Allbritton group:
WJLA Washington (DMA 8)
WCFT Birmingham, Ala. (DMA 42)
WHTM Harrisburg, Pa. (DMA 43)
KATV Little Rock, Ark. (DMA 56)
KTUL Tulsa, Okla. (DMA 59)
WSET Lynchburg, Va. (DMA 68)
WCIV Charleston, S.C. (DMA 98)