Drewry Texas, Oklahoma Stations Sell for $115 Million
July 4, 2008
A partnership led by former Gaylord Entertainment boss Terry E. London has agreed to buy Drewry Communications, including 11 broadcast properties in four markets.
London Broadcasting Co. which formed in 2007 with a goal of operating five to 15 mid-market stations, said it was acquiring the ABC affiliate in Waco-Temple-Bryan, Texas, the CBS affiliate in Amarillo, Texas, the ABC affiliate in Lawton, Okla.-Wichita Falls, Texas, the NBC affiliate in Odessa-Midland, Texas, Telemundo affiliates in each of these markets and a Spanish-language radio station in Odessa-Midland.
London already owns the CBS affiliate in Tyler-Longview, Texas, which it completed acquisition of in February.
London said the deal will enable to company to operate in five of the 15 mid-market Texas broadcast markets, reaching over 1 million television households, or 45 percent of the population of the mid-size Texas markets.
“The Drewry stations are excellent properties with quality local news operations,” he said.
The Dallas-based company did not mention the price of the deal in its announcement, but The Dallas Business Journal pegged the cost at $115 million. London’s previous company, Gaylord Entertainment, operates hotels and resorts including the Gaylord Opryland Resort and Convention Center outside Nashville, Tenn.
London Broadcasting Co. also owns 41 Entertainment, a production company.