(edited from RBR.com) – Providence Equity Partners formed Newport Television LLC and acquired radio giant Clear Channel’s television assets about four years ago for a bit more than $1B, and now it’s said to be exploring its options for the group (including Jacksonville’s WTEV/WAWS and Mobile’s WPMI/WJTV). Prominent among those options is selling it.
The group, guided by Sandy DiPasquale, consists of 56 stations in 20 markets. In the mix are affiliates of a full menu of national networks, including ABC, NBC, CBS, FOX, CW, MyNetwork and Telemundo. The group operates numerous digital multicasts, and also has SSAs with various stations which are under separate ownership. The possible sale was noted in a Reuters report.
According to the group’s 2008 release describing its transaction with Clear Channel, it paid $1.012B for the group, including $260M in equity….Cont….