London Broadcasting Buys 11 TV Stations for $115 Million

July 2, 2008
London Broadcasting has agreed to buy 11 television stations for $115 million. The purchase includes those stations belonging to Drewry Communications in Lawton, Okla.

Deliverables include KXXV-TV, the ABC affiliate in Waco, Texas; KFDA-TV (CBS) in Amarillo; KWES-TV (NBC) in Midland-Odessa, KSWO-TV (ABC) in Lawton, Okla., and the Telemundo affiliates in those markets as well.

The acquisition puts London in five of the 15 mid-sized markets throughout Texas and gives it a reach of around 1 million TV households, according to the Dallas Business Journal.

London Broadcasting, a Dallas investment group formed last year by former Gaylord Entertainment chief Terry London and SunTx Capital Partners, bought KTYX-TV, the CBS affiliate in Tyler, Texas, for $25 million earlier this year.

Terry London, an Oklahoma native, was president and CEO of Gaylord Entertainment from 1997-2000. He is currently reported to be a managing partner of 41 Entertainment, a content company targeting outdoor enthusiasts. He also serves on the board of directors of Pier 1 and Johnson Outdoors Inc.

Pending FCC approval, the transaction is expected to close before the end of the year.

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