The Alabama-based buyerPeter Wagner
is run by a familiar face to
the local NBC affiliate
NBC affiliate KHNL-Channel 8 is being sold to Alabama-based Raycom Media, the station's parent company A.H. Belo Corp. announced today.
Under an $88 million deal, subject to federal approval, Raycom would also acquire KHNL's operating rights for UPN affiliate KFVE in Honolulu and Belo's station KASA-TV in Albuquerque. The transaction is expected to close later this year.
KHNL President and General Manager John Fink today called Raycom a "quality owner" and said he's looking forward to working with an old friend.
"Raycom is run by John Hayes, who was the president of broadcast at the Providence Journal, which owned us before Belo," he said. "John Hayes is familiar with our station and personnel. It's kind of like old-home week."
Hayes, president of Raycom, said he sees a smooth transition ahead. "We know the stations, the employees, the management and understand the uniqueness of each market," he said.
He noted the acquisitions will give Raycom operations in 20 states as well as Puerto Rico.
Raycom currently has 31 television stations, two radio stations, and a marketing and distribution company.
Dallas-based Belo today also announced a $315 million deal in which the company will acquire TV station KTVK in Phoenix; a 50 percent stake in the Arizona News Channel; and rights to WB affiliate KASW-TV in Phoenix.
Raycom would be the fourth owner of KHNL in the past seven years. Belo bought KHNL's former parent, Providence Journal Co., in 1996.
Rhode Island-based Providence acquired the station along with its former parent, King Broadcasting Co. of Seattle, in 1992.