Journal Broadcast Group has closed on its deal to acquire CW affiliate KNIN Boise from Banks Boise, Inc. for $6.6 million. The acquisition pairs KNIN with Journal's ABC outlet KIVI in the market. Journal also owns several area radio stations.
Journal had agreed to an $8 million deal for the station in July. A Journal spokesperson said the lower sale price was a more accurate representation of station valuations in this economy.
"The purchase of KNIN builds our cross-media businesses in Boise," said Journal Broadcast Vice chairman/CEO Doug Kiel. "We will better serve advertisers and viewers in the Treasure Valley, build a stronger community presence in Boise, and enhance our margin with multiple media properties."
Kalil & Co. brokered the transaction.