New Vision Buys Montecito Stations
By Michael Malone -- Broadcasting & Cable, 7/24/2007 9:09:00 AM
New Vision Television has signed an agreement to acquire TV stations KOIN Portland (Ore.), KHON Honolulu, KSN Wichita and KSNT Topeka, along with the CW affiliates in Honolulu and Topeka, from Montecito Broadcast Group. New Vision acquires all assets and stock from Montecito.
The stations include two NBC affiliates, a CBS and a Fox. The deal is subject to regulatory approval and is expected to close in the fourth quarter.
New Vision Chairman/CEO Jason Elkin says the acquisition gives the company diversity in terms of both geography and affiliation. “We were very much East Coast and Midwest, and now we’re all over the country,” he says. “And in terms of affiliations, we’ve got everything but Telemundo.
Elkin would not disclose the price of the deal, but said it worked out to about 14 times cash flow.
Last year, Los Angeles-based New Vision acquired WIAT Birmingham and KIMT Mason City, IA, from Media General, and WKBN and WLFX, both Youngstown, OH, from Piedmont. Elkin says New Vision will stay in shop mode. “We’re planning to continue to acquire,” he says, “but first we’ll spend some time assimilating.”
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