Standard Media Group agreed to buy two TV stations from Citadel Communications for $83 million, the companies said.
The stations involved are WLNE-TV, the ABC affiliate in Providence, R.I., and KLKN-TV, the ABC affiliate in the Lincoln and Hastings-Kearney, Nebraska market.
Deb McDermott
Standard Media bought nine television stations in seven markets last year from Sinclair Broadcast Group for $441.7 million. Standard Media is an affiliate of Standard General, a capital management and investment advisory company.
Deb McDermott, the veteran station executives was named CEO of Standard Media last year. She previously has been COO of Media General and CEO of Young Broadcasting.
We are excited to work with the talented teams in Providence and Lincoln to grow the business with a strong focus on high quality local news, said McDermott.
We look at this acquisition as the first of many as we work to create a new competitive player in the consolidating broadcast TV industry, she said. I am honored that Phil Lombardo has chosen us to take WLNE and KLKN forward. He has been a long-time friend and mentor to me, and his contributions to the broadcast industry have truly helped to make it what it is today.
Citadel sold three of its five network-affiliated stations to Nexstar Broadcasting Group in 2014
It is gratifying to sell our remaining ABC stations to someone with whom I have enjoyed a long professional relationship, and who also has unique experience and insights in both markets, said Phil Lombardo, Citadel's CEO. I am confident that our deal will serve as a catalyst for Standard Media's plans to build a new, large station group.
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Standard Media Group agreed to buy two TV stations from Citadel Communications for $83 million, the companies said.
