London expanding Texas TV group


Terry London’s London Television Group will be getting its fifth full power television station and adding a fourth Texas market with the acquisition of KIII-DT, the ABC affiliate serving the Corpus Christi DMA.

The seller is Channel 3 of Corpus Christi Inc., headed by Michael D. McKinnon. Payment of the purchase price, $31.3M, begins with a $1.95M escrow deposit and will be finished off with cash at closing.

For London, it adds to a totally-Texas group that already includes CBS KYTX-TV Nacogdoches in the Tyler-Longview DMA, NBC KCEN-TV Temple in the Waco-Bryan-Temple DMA, and NBC KBMT-TV Beaumont in the Beaumont-Port Arthur DMA.

London also has a deal in the works to acquire CW KCEB-TV Longview, a station that would form a duopoly with KYTX. The KCEB deal was filed 12/1/09, for $948K and is still pending, according to the KIII application.

RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.

Click to purchase “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.