Cox Media Group (CMG), an industry-leading media company, and the general entertainment cable network INSP, LLC (INSP) announced today that affiliates of each company have entered into a definitive agreement involving the sale of CMG television stations in twelve markets. The transaction furthers the strategic evolution of CMG�s broadcast station portfolio and marks INSP�s expansion into broadcast television.
Upon the close of the transaction, Imagicomm Communications, an affiliate of INSP, will acquire the following CMG stations:
�These are important local journalism and community service brands powered by incredible media professionals and journalists who work tirelessly to inform, entertain, and elevate the communities they serve,� said CMG�s President and CEO, Dan York. �We are pleased to advance the strategic evolution of our portfolio, are proud of our team members at these stations, and are confident they will continue to excel in their important work as part of the Imagicomm / INSP family.�
David Cerullo, Chairman & CEO of INSP, said, �We are excited to be entering the broadcast television market with this strong collection of brands that are integral to informing and entertaining the communities they serve. We look forward to working with the stations� talented staff and building upon their rich legacy of journalism and serving their communities, advertisers, and audiences. This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms.�
The transactions are subject to customary closing conditions, including applicable regulatory approvals. The parties expect to close the announced transactions in the second half of 2022.
Advisors
Truist Securities, Inc. served as financial advisor to INSP and Imagicomm Communications in connection with the Transaction and is acting as left lead arranger on the debt financing. Davis Wright Tremaine, LLP served as lead M&A counsel to INSP and Imagicomm Communications, and Bradley Arant Boult Cummings served as their financing counsel.
Moelis & Company, LLC and LionTree served as financial advisors to Cox Media Group, and it was represented on the transaction by Davis Polk & Wardwell LLP, with Cooley LLP and Morgan Lewis & Bockius LLP serving as special regulatory counsel.