Cross currents in Corpus Christi


Two companies are buying the pieces of CBS KZTV-TV in Corpus Christi TX. SagamoreHill is getting the license and Evening Post is picking up most of the other assets. Experienced TV deal watchers will not be surprised to learn that SagamoreHill will then enter into a multifaceted LMA package with EP, which not coincidentally already owns NBC KRIS-TV in the market. SagamoreHill will pay $5M, and Evening Post will pony up just under $15M — $14.78M to be exact – to get the station from seller Eagle Creek Broadcasting of Corpus Christi. SagamoreHill will then enter into JSA, and SSA and a shared facilities agreement, along with a purchase option for EP should the regulatory climate make such a pairing legal property for just one local owner.