New Vision Snags KTMJ, Eyes More
New Vision Television to acquire KTMJ Topeka, Kan., from Montgomery Broadcasting.
By Michael Malone -- Broadcasting & Cable, 7/7/2008 11:48:00 AM
New Vision Television signed an agreement to acquire KTMJ Topeka, Kan., from Montgomery Broadcasting.
New Vision and Montgomery signed a local marketing agreement whereby New Vision immediately begins brokering commercial time for the station, a Fox affiliate.
Terms of the deal were not disclosed. The acquisition is subject to regulatory approval and is expected to be completed during the third quarter.
New Vision’s strategy is to increase its station holdings, which include KSNW Wichita, across Kansas. New Vision owns or manages 17 stations nationwide.
“This acquisition will make a great complement to our existing television-station portfolio and will allow us to provide more local news to the city of Topeka,” New Vision chairman and CEO Jason Elkin said. “We will continue to expand and grow through strategic acquisitions that will balance our network and geographic diversity.”
New Vision is backed by HBK Capital Management.
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As an employee at a station owned by New Vision, I have to warn the folks in Kansas that New Vision has shown little more than to be just another "strip-n-flip". Trying to cut costs by stripping a company down, then looking to sell it. Their only real loyalty seems to be to their greedy shareholders.
Zach Warner - 7/8/2008 8:37:00 PM EDT
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