It is hiring a reporter for its “FOX 13” in Memphis, and an anchor/producer/multimedia journalist for its Pocatello, Idaho, station. Yet, these individuals could be working for another company soon after they are hired.
That’s because Imagicomm Communications, the South Carolina-headquartered company led by COO Dale Ardizzone and CEO David Cerullo that is the parent of the MVPD-distributed “INSP” channel, plans to sell them in the coming months.
According to a General Manager at an Imagicomm-owned station who requested anonymity, staff received communication earlier this week that its over-the-air channels (including digital multicast offerings) acquired by the company in August 2022 are being put on the market. Multiple buyers are being considered, and asset sale agreements are anticipated to surface in approximately six to eight weeks.
The stations to be sold by Imagicomm are:
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Alexandria, La. – KLAX-31 (ABC)
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Binghamton, N.Y. – WICZ-40 (FOX)
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Eureka-Arcata, Calif. – KIEM-3 (NBC) & KVIQ-17 (CBS)
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Greenville, Miss. – WABG (ABC), WABG-HD2 (FOX), WNBD (NBC), and WXVT (CBS)
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Idaho Falls, Idaho – KPVI-6 (NBC)
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Medford, Ore. –KMVU-26 (FOX)/KFBI-48 (Telemundo)
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Memphis – WHBQ-13 (FOX)
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Spokane – KAYU-28 (FOX)
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Syracuse – WSYT-68 (FOX)
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Tulsa – KOKI-23 (FOX) and KMYT-41 (MyNetwork TV)
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Yakima, WA – KFFX-11 (FOX) and simulcast partner KCYU-LD 41 in Tri-Cities, Wash.
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Yuma, AZ – KYMA-11 (NBC)
The sale of the stations to Imagicomm came at an eyebrow-raising cost of $488 million — plus the working capital amount, minus any deficit if applicable. It made Imagicomm’s offer for the properties — Cox Media Group spinoffs that company had to sell as its majority shareholder, Apollo Global Management, was slated to become a minority equity interest holder in TEGNA. That deal, which would have made Standard Media Group the new TEGNA parent, dissolved after the FCC raised concerns over how it would comply with FCC local ownership rules.
Imagicomm emerged as a surprise buyer, given it is largely recognized for owning a cable TV network focused on classic Western fare. And, Imagicomm agreed to one of the biggest-dollar deals in recent memory.
The Memphis and Tulsa stations are historically linked to CMG; all of the other stations were previously owned by Brian Brady-led Northwest Broadcasting.
Further details regarding Imagicomm’s divestment plans were not known as of 9am Pacific on Thursday; a company spokesperson noted that a statement from Cerullo regarding the planned divestment is forthcoming.
