Newport Finds Buyer for WXXA Albany
Sheldon Galloway's Shield Media makes $19.5 million grab
By Michael Malone -- Broadcasting & Cable, 7/27/2012 10:48:28 PM
Shield Media has agreed to acquire Newport Television's WXXA Albany, a Fox affiliate in the New York capital, for $19.5 million. Shield is owned by broadcast vet Sheldon Galloway.
"I look forward to working with the talented people in Albany to develop an operational strategy that continues the outstanding tradition of community service and broadcast excellence at WXXA-TV," he said in a statement.
Galloway is VP of White Knight Broadcasting. The deal is subject to FCC approval and is expected to close by the end of the year.
Shield anticipates entering into shared services and joint sales agreements with Young Broadcasting in Albany.
One July 19, Newport announced it was selling 22 stations to Sinclair, Nexstar and Cox Media Group for $1 billion.
With the Shield deal, Newport, backed by Providence Equity Partners, has four stations left.
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