08.28.2008 07:27 PM
DOJ Files Suit Against Raycom
The U.S. Department of Justice has filed a civil lawsuit today against Raycom Media of Montgomery, Ala., because the company failed to sell a TV station in Richmond, Va. Raycom was required to sell a station as part of a deal it cut with the DOJ when the media company acquired WWBT-TV from Lincoln Financial Media last April.

Raycom had cut a deal to sell WTVR-TV in Richmond to Sinclair (NASDAQ: SBGI) of suburban Baltimore, but the DOJ nixed the sale yesterday because Sinclair operates another of the top four stations in the market. Sinclair had already sold the station, WRLH-TV, to Carma Broadcasting, and had planned to buy WTVR for $85 million. However, the DOJ kyboshed the sale because its consent decree with Raycom involves diversifying control of the ad revenue in the market.

Sinclair said it would continue “to explore its rights under its asset purchase agreement with Raycom.”

Raycom was subsequently stuck with WTVR and must either sell it or comply with a settlement proposed by the DOJ.

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Thursday 11:07 AM
The Best Deconstruction of a 4K Shoot You'll Ever Read
With higher resolutions and larger HD screens, wide shots using very wide lenses can be a problem because they allow viewers to see that infinity doesn’t quite resolve into perfect sharpness.

Featured Articles
Discover TV Technology