Raycom Media became the first owner of two television stations in a single market with the closing on KFVE-TV in Honolulu. As the year ended the Federal Communications Commission, under its recently revised rules relating to station ownership approved Raycom’s purchase of KFVE and the company immediately closed on the transaction. Raycom Media also owns KHNL, the NBC affiliate in Honolulu. KHNL has been operating KFVE, the UPN and WB affiliate under a local marketing agreement since 1993.
Raycom’s President and Chief Executive Officer John Hayes said, “The opportunity to own both KHNL and KFVE is a unique opportunity for Raycom to serve the islands of Hawaii. What makes this broadcasting combination extremely attractive is both stations are VHF, KFVE is Channel 5 and KHNL is Channel 13. We will make KFVE a stronger station by creating unique programming and by broadcasting over 120 University of Hawaii sporting events.”
Raycom has also filed with the FCC to convert Cleveland’s WUAB-TV, the UPN affiliate and the home of the Cleveland Indians and the Cleveland Cavaliers, from operating under an local marketing agreement to Raycom’s ownership. The company owns WOIO-TV, the CBS affiliate in Cleveland.
Raycom anticipates closing during this quarter on the purchase of the Fox affiliate, KXRM –TV in Colorado Springs and the UPN affiliate KXTU-LP also serving the Colorado Springs market.
Raycom Media covers 10.2% of the U.S. television households with operations in 21 states. From a geographic standpoint, Raycom is the nation’s largest media company stretching from Syracuse to Honolulu.
Pending FCC approval of the transactions, Raycom will own 34 television stations including 5 ABC, 7 CBS, 6 FOX, 13 NBC, 2 UPN, 1 UPN/WB. Raycom also owns 2 radio stations and Raycom Sports, a marketing, production, and events management and distribution company. Raycom Sports owns three LPGA golf tournaments, the Micron PC Bowl and in a partnership, owns the television basketball rights to the Atlantic Coast Conference and syndicates television programs “More Than a Game,” “The Sports Edge” and Major League Baseball’s “Record Breakers” and “Generation of Heroes.”
The lender for the transactions is the Retirement Systems of Alabama.