Hot on the heels of a multimillion-dollar transaction in the Casper, Wyo., DMA involving Gray Television, a “legacy” company with roots in Mississippi has just struck a pair of deals that expands its presence thanks to a multi-station deal in the Mountain West.
Wyomedia Corp. is agreeing to sell its TV stations to Legacy Broadcasting of Wyoming, an LLC incorporated in Mississippi, for $3,283,333. A 10% indemnity escrow payment has been made to the seller.
The stations being traded are:
- KLWY-27, the FOX affiliate in Cheyenne, Wyo.
- KFNE-10 in Riverton, Wyo.
- Satellite station KFNB-20 in Casper, Wyo.
- Satellite station KFRN-11 in Rawlins, Wyo.
- Low-power KWYF-LD 26 in Casper, the MeTV and MyNetwork TV affiliate.
- Translator stations K11RN-D and K09XL-D.
Legacy Broadcasting is 100% held by Sherry Nelson, of Greenwood, Miss.
Concurrent with this deal is a transaction struck that sees Legacy acquire KTWO-2, the ABC affiliate in Casper, low-power satellite KKTQ-LD 16 in Cheyenne, and six affiliated translators in Wyoming (K17JZ-D, K47AD-D, K13NZ-D, K22CI-D, K26LW-D, K30MX-D, K35CV-D), from Silverton Broadcasting Co. for $1.5 million.
A $150,000 escrow payment has been made by Silverton.
Nelson is a minority owner, and if one is questioning the timing of this deal given Gray Television’s transaction in Casper, Wyo., they only need point to an August 2014 agreement that saw Gray transfer four TV stations it could not own to Silverton.
The stations were gained in deals that put Gray over the limit in Lincoln, Neb.; Monroe, La.; Bismarck, N. Dakota; and Minot, N. Dakota. The Minority Media and Telecommunications Council (MMTC) led Gray to Silverton.
Nelson is joined in owning these stations by her adult daughter, Sara Jane Ingram, whose broadcast experience includes sales, digital, and management for television stations in the Raleigh-Durham and Jackson, Miss., television markets.
At the time, Nelson said, “For our company, this is the opportunity of a lifetime. It speaks so well of our industry that women like my daughter and me can break through the glass ceiling and build new programming services for television viewers.”