Larry Wilson, founder and former CEO of radio-group owner Citadel
Communications Corp., is leading a group that has entered into an agreement in
principle to purchase Lamco Communications, the Williamsport, Pa.-based group
owner of nine small-market TV stations.
Kalil & Co., the exclusive broker in the transaction, confirmed the deal.
The price was not disclosed, but it’s estimated to be in the $145
The stations include: KRCR-TV Chico-Redding and KAEF-TV Eureka, both
California (and both ABC affiliates); KECI-TV and KCFW-TV Missoula, and KTVM-TV,
Butte-Bozeman, all Montana (all NBC); KTXS-TV Abilene-Sweetwater and KTXE-LP San
Angelo, both Texas (both ABC); and WCYB-TV Tri-Cities, TN-VA (NBC), and WCTI-TV
Greenville-New Bern-Washington, N.C. (ABC).
The Wilson-controlled buying entity is based in Las Vegas.
Wilson suggested in a statement that he intends to buy additional stations.
"This acquisition is ideally suited as a launching point for our new media
company and will provide a tremendous base for future expansion," he said.
The deal is subject to the signing of a definitive agreement and Federal
Communications Commission approval.
General Electric Co. reported Friday that NBC's revenues dipped 2% in the second quarter to $1.95 billion and for the first half tumbled 14% to $3.4 billion.
Part of the fall is due to the lack of Olympic Games money that it had in early 2002.
Operating profits are up, however: 26% in the second quarter to $638 million and 20% for the first half to just over $1 billion.