Saga Closes on TV Markets Sale, Enters Charleston

RADIO ONLINE | Wednesday, September 6, 2017 | 11:31pm CT

Saga Communications has closed on the previously announced sale of its television stations in the Joplin, MO-Pittsburg, KS and Victoria, TX, markets to the Evening Telegram Company (dba Morgan Murphy Media) for $66.6 million. Concurrently, Saga closed on the purchase of WCKN-FM, WMXZ-FM, WXST-FM, WAVF-FM, WSPO-AM, W261DG and W257BQ, serving Charleston, SC and WVSC-FM, WLHH-FM, WALI-FM, W256CB and W293BZ, serving Hilton Head and Beaufort, SC, from Apex Media Corporation for $23 million.

Saga President/CEO Edward K. Christian said, "It's a bittersweet time as we complete the sale of our Joplin, MO and Victoria, TX television stations. We've enjoyed owning the stations and they have been great contributors to our overall performance over the years. With all the changes taking place in the television industry it became time to turn them over to a fine company that plans to continue to grow in the television segment. It has been a great experience for us to serve both communities with terrific television stations that focused heavily on the local markets. Ultimately, we made a very difficult decision that it was time for us to return to our roots in radio."

He continued, "We are pleased to be acquiring radio stations in the Charleston market and the Hilton Head, Bluffton and Beaufort market. Both of these markets have recently been recognized as two of the South's best communities by Southern Living Magazine. There are both heritage and developmental radio stations included in this acquisition. We look forward to working with the existing staff to continue to serve these growing communities with great radio stations. Saga intends to continue building its business in radio by continuing to identify and acquire radio stations in communities that we believe in."