MMTC joins chorus of praise for WEVV deal
The buyer is Bayou City Broadcasting Evansville, headed by DuJuan McCoy. BCBE is acquiring the station for $18.6M in a deal brokered by Kalil and Co.
MMTC said it “…lauds this transaction as a definitive step toward increasing diversity in broadcast ownership across the nation.”
It was an echo of the earlier remarks of Jim Winston, Executive Director of NABOB, who commented, “NABOB is very excited to see this transaction, to see DuJuan McCoy back in the ranks of ownership, and to see Perry Sook and Nexstar in the midst of another positive development for African American television station ownership.” Winston added, “Previously, we were pleased to see Perry Sook and Nexstar facilitate a JSA transaction with Marshall Broadcasting Group, and we continue to support grant of a JSA waiver for that transaction. The Bayou transaction is pure standalone ownership which is NABOB’s long term goal for all transactions. We are delighted to see Bayou reignite standalone African American television station ownership.”
McCoy himself said, “I am excited to be back in the ownership ranks and operating TV stations again, particularly in my home state of Indiana. WEVV is a great opportunity for me and will serve as a platform for acquisition of additional properties in the very near future.” He added, “My sincere gratitude goes out to Mr. Perry Sook for making a concerted effort to promote diversity in media ownership by agreeing to sell WEVV to Bayou City Broadcasting Evansville. His efforts should be commended.”
MMTC called for reinstatement of the minority tax certificate policy. It stated, “Minority broadcast ownership has plummeted since Congress repealed the Federal Communications Commission’s Tax Certificate Policy in 1995. During the 17-year lifetime of the policy, which was designed to provide tax incentives to increase diversity in broadcast ownership, the Commission granted 356 tax certificates – 287 for radio, 40 for television, and 30 for cable franchises. This policy was the most effective measure in increasing broadcast diversity, as the FCC has been mandated by Congress to do, but minority ownership has fallen to statistically zero since the policy’s repeal. Bayou City’s purchase is the first completely independent acquisition by an African-American broadcaster in years, and a noteworthy achievement.”