Community Newspaper Holdings Inc. was already halfway out of the television business – it owned four stations, but was farming out some of their operational activities via shared service agreements with Raycom. Now they’re selling all four to a third party, headed by Thomas B. Henson.
The stations are moving in a stock deal. CNH has them officially licensed under the name Southeastern Media Holdings Inc., and Henson will acquire them under the name Southeastern Media Acquisition Inc.
CNH is headed by Donna Barrett.
The stations are CW WUPV-TV Ashland VA, serving the Richmond VA DMA; Fox WSFX-TV Wilmington NC; Fox WXTX-TV Columbus GA; and Fox WFXG-TV Augusta GA.
Television group Raycom has SSA’s with all four, according to reports. In Richmond, its station is NBC WWBT-TV; in Wilmington, it has NBC WECT-TV; and in Columbus it has ABC WTVM-TV. It provides services in Augusta GA as well despite not having an owned station there, and has struck a news deal with Media General’s ABC WJBF-TV.
Henson will be spending just south of $74M for the group all told. The bulk of that amount — $50M – will be in the form of debt assumption. The remainder will be cash. The contract specifies payment of $23,737,250.