On April 5, RBR+TVBR was first to report on the blockbuster $220,540,000 acquisition of the NBC affiliate serving Southwest Florida and the assumption of a programming relationship with the company that owns the market’s ABC, MeTV and Dabl affiliate.
Now, the deal has closed, making WBBH-20, branded as “NBC2,” a sibling to the ABC affiliate serving West Palm Beach and the NBC affiliate serving the Orlando DMA.
Having received all regulatory approvals, WBBH-20 is now owned by Hearst Television, which acquired the station from Waterman Broadcasting Corporation.
While terms of the transaction were not disclosed by Hearst, paperwork filed by the company with the FCC indicates that the announced purchase price for WBBH-TV that Hearst and Waterman agreed to had the potential to fluctuate by the time closing occurred. That’s because there are clauses pertaining to the “Working Capital Amount” on the closing date in relation to the “Collar Amount.”
However, price finalization was required no later than two days before the closing date.
There’s also a Hurricane Ian clause, given the extensive damage the storm cause in fall 2022 to the entire region. At closing, $153,000 for previously agreed-upon repairs of the
WBBH tower ($91,000) and property improvements ($62,000), as recommended in a Property Condition Assessment Report prepared for Hearst by National Due Diligence Services and issued on March 6, were to be deducted by Hearst.
While WBBH-20 was one of the biggest independently owned “Big Four” network affiliates in the nation, the Waterman family also benefited from its shared services arrangement with Montclair Communications Inc., giving it the right to operate WZVN, “ABC7.”
With WZVN and WBBH now under Hearst control, it brings newfound synergies with WESH-2 in Orlando and WPBF-25 in West Palm Beach. Hearst’s other properties in Florida include Orlando’s affiliate for The CW Network, WKCF-18; and WMOR-32 in Lakeland, an unaffiliated station serving the Tampa-St. Petersburg-Sarasota-Sebring DMA as “MOR-TV.”
Hearst EVP/COO Jordan Wertlieb commented, “The Waterman family has served southwest Florida with unparalleled community service and outstanding journalism. We at Hearst are steadfast in this commitment to local broadcasting as we have been throughout Florida for over 25 years.”
With the change in ownership, Hearst confirmed that longtime Waterman Broadcasting executive and WBBH VP/Station Manager Darrel Lieze-Adams will remain in the role.
Steve Pontius, who had that role until recently, is now formally retired.
“Darrel has a passion for WBBH and has served the station and southwest Florida for 26 years as news director and station manager,” Waterman Broadcasting EVP/GM Steve Pontius said. “We are eager to join him to continue the outstanding work being done.”
During Hurricane Ian, WBBH was largely uninterrupted with its storm coverage, experiencing minimal damage compared to the other independently owned TV station serving the nation’s 55th-ranked market, Fort Myers Broadcasting Co. CBS affiliate WINK-11.
WBBH-TV went on the air in December 1968 as the market’s NBC affiliate. Waterman Broadcasting Corporation was founded by Bernard Waterman in 1956 when he purchased WAAB-AM in Worcester, Mass.; and later the radio stations in San Antonio. WBBH and what is now WZVN began a programming relationship in 1994.
Speaking for the Watermans, Bernie Waterman’s widow, Edith Waterman, said, “The decision to sell WBBH is challenging and emotional. We have had the great privilege of proudly serving southwest Florida for more than four decades. Broadcasting has filled our lives with wonderful relationships and deep ties to our communities. I am so grateful to all the talented and dedicated employees who made our innovative stations pillars of their communities and great places to work and grow over the last 67 years.”
Bernard Waterman died in 2017.
