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Standard Media to acquire both Waypoint Media Group and Vision Communications


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Since Sheldon Galloway has his other stations (WLAJ and WXXA) tied to Nexstar, could we possibly see WMDN being tied into WJTV and WHLT which are both Nexstar-owned CBS affiliates?

 

The way WHLT is being ran, what's another station to run WJTV's newscasts on and run the whole show out of Jackson?

 

It wouldn't be the first time, as WGBC's predecessor WLBM was a satellite of WLBT in Jackson, and ran until the station had a fire in the early 90s....

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Since all three are separate markets, Sheldon Galloway could foreseeably turn the keys over to Nexstar (WJTV) and have them take over WMDN, much like they run WHLT down in Hattiesburg. 

A separate schedule of market-specific programs and commercials, and the full slate of WJTV newscasts with a WMDN bug pasted over it.  Nexstar largely gave up trying to produce local segments in Hattiesburg (or even FOR Hattiesburg) and just simulcasts WJTV for the most part now.

 

Ownership-wise, Nexstar could possibly squeeze in this station, since it's a tiny fraction of a percent due to Meridian's market size and the UHF discount.  But that may be a ways off as Nexstar is still trying to digest Tribune and may have other swaps and options they are pursuing first...cough cough.....WPIX....cough cough.  Without being maxed out, WMDN is free and clear since Meridian is a totally separate market.

 

The end result could possibly be a third news option in tiny Meridian, even if it is piped in from Jackson.  Adding in more counties to WJTV's "coverage" area news-wise would dilute their coverage even further. 

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  • 1 month later...
  • 8 months later...

I'm bumping this thread to let all of you know that this transaction is still active. And It has yet to close.

 

The parties have filed their third extension of consummation. That basically means filing for extension of time to complete the sale.

 

They wrote their reasoning for this extension:

Quote

The parties are committed to working towards a closing. However, there remain a few outstanding issues to be resolved before the closing can take place. The parties expect to consummate this transaction in the near term.


But this is basically the same thing they wrote when they filed their second extension in August.

 

So. What's the hold up? What "outstanding issues" need to be "resolved" to get this deal to the finish line? Will this deal ever close? We'll see what happens.

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10 hours ago, CircleSeven said:

I'm bumping this thread to let all of you know that this transaction is still active. And It has yet to close.

 

The parties have filed their third extension of consummation. That basically means filing for extension of time to complete the sale.

 

They wrote their reasoning for this extension:


But this is basically the same thing they wrote when they filed their second extension in August.

 

So. What's the hold up? What "outstanding issues" need to be "resolved" to get this deal to the finish line? Will this deal ever close? We'll see what happens.

I wonder if they let COVID get in the way of closing the deal on time. 

 

Because I did read from your post back on February 13th that the FCC did greenlight the deal they had at least a month to complete the deal before the COVID shutdowns took place that's enough ample time for them to do so.

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  • 1 month later...

Maybe Soohyung Kim can close this deal?.....

 

Big update regarding Standard Media.

 

Filed on New Year's Eve (12/31/20) is a Transfer of Control application of Standard Media from McDermott Communications to Community News Media, LLC (through a subsidiary Paducah Television Operations).

 

Community News Media is the same firm that's filing to acquire the two Sinclair stations in Paducah, KY (KBSI/WDKA).

 

Here's the organizational chart of the proposed change of guard of Standard Media.

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15 hours ago, CircleSeven said:

Maybe Soohyung Kim can close this deal?.....

 

Big update regarding Standard Media.

 

Filed on New Year's Eve (12/31/20) is a Transfer of Control application of Standard Media from McDermott Communications to Community News Media, LLC (through a subsidiary Paducah Television Operations).

 

Community News Media is the same firm that's filing to acquire the two Sinclair stations in Paducah, KY (KBSI/WDKA).

 

Here's the organizational chart of the proposed change of guard of Standard Media.

I guess Kim decided to splash the cash to get this group (in order to avoid confusion, I guess)

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This might explain why this deal is taking so long. I think that had Kim not gone with the 2nd iteration of the Standard Media name then things probably wouldn't take so long.

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1 hour ago, CircleSeven said:

Well, so much for hope to complete the deal....... 

 

And after almost eleven months after the FCC approved the deal, the Waypoint/Vision transaction to Standard Media is now officially dead.

 

Non-consummation notices posted Monday (1/4).

Which also includes the seperate deals involving both Lake Charles and Jackson (TN) from SagamoreHill if I'm correct.

 

Either way, this might've exposed many of the problems of having 2 different entities runned by the same people that makes it very difficult for which one company that Kim/McDermott controls is going to buy.

 

If they want to be serious contenders again they need to consolidate McDermott's group with that of Kim's that would take care of some of the problems there.

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On 1/4/2021 at 2:03 AM, dman748 said:

Which also includes the seperate deals involving both Lake Charles and Jackson (TN) from SagamoreHill if I'm correct.

 

Either way, this might've exposed many of the problems of having 2 different entities runned by the same people that makes it very difficult for which one company that Kim/McDermott controls is going to buy.

 

If they want to be serious contenders again they need to consolidate McDermott's group with that of Kim's that would take care of some of the problems there.

 

Lake Charles was not a part of this deal. Waypoint sold the Lake Charles LPs to SagamoreHill. 

 

SagamoreHill did have that Jackson, TN LPs that was in part of this deal, however.

 

Anyway, once that Transfer of Control gets finalized, it will be Kim that will be running the show and not McDermott.

 

 

Edited by CircleSeven
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On 1/4/2021 at 5:30 AM, CircleSeven said:

Anyway, once that Transfer of Control gets finalized, it will be Kim that will be running the show and not McDermott.

Could this explain why TVNewsCheck reported the other day that Kim is interested in purchasing either part of Meredith or all of the Quincy stations?

Quote

Who is bidding is unclear, but possible buyers include private equity investor Apollo Global Management, which bought a majority stake in Cox last year; Allen Media, owned by Byron Allen; and Standard Media, headed by Deborah McDermott and backed by hedge fund manager Soo Kim.

Also do we know exactly where Kim is getting his money from to even afford making a move for either company?

Edited by dman748
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