Please do not leave this page until complete. This can take a few moments.
Diversified Communications in Portland announced Thursday the planned divestiture of its television stations WABI in Bangor and WCJB in Gainesville, Fla., to Gray Television Inc. pending FCC approval.
Terms of the deal were not disclosed.
“This was a very difficult decision by our board of directors, but we feel it is the right one,” Daniel Hildreth, chairman of Diversified’s board, said in a company announcement. “We believe that under the ownership of Gray, WCJB and WABI will have greater opportunities for long-term financial success which will ultimately benefit both our employees and viewers.”
Gray Television (NYSE: GTN) owns and/or operates 100 television stations across 54 television markets that collectively broadcast over 200 program streams, including 101 channels affiliated with the CBS Network, the NBC Network, the ABC Network and the FOX Network. It is based in Atlanta.
“We are honored to be selected by Diversified as the new owners of legacy stations WABI and WCJB,” said Hilton H. Howell Jr., Gray’s chairman and CEO, in a statement accompanying the announcement. “Both stations are highly valued institutions in their respective communities with dedicated employees who share our vision and culture. We look forward to building upon these strong foundations and enviable records of success.”
Wells Fargo Securities LLC served as financial advisor and Sullivan & Worcester LLP served as legal counsel for Diversified Communications.
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
Comments