Allbritton Launches Sale Balloon
VA. -- Allbritton Communications put itself out there today,
announcing its “intention to explore and evaluate potential
strategic alternatives, which may result in, among other things, the
possible sale.” Albritton has retained Moelis &
Co. LLC as its financial advisor and Paul Hastings and Dow Lohnes as
its legal counsel.
In a statement issued this morning, the company said that no decision had been
made to pursue any specific strategic
transaction or any other strategic alternative, and that there was no
timetable for the strategic review process. It said there was no certainty that
the endeavor would result in a sale.
“The company does not intend to comment
further regarding the evaluation of strategic alternatives until such
time as its Board of Directors has determined the outcome of the process
or otherwise has deemed that disclosure is appropriate.
Allbritton owns and operates through subsidiaries and
affiliates, seven ABC Network stations serving approximately 5 percent of total
U.S. viewers. The company also owns NewsChannel 8, a 24-hour, local news service in
the Washington-Virginia-Maryland area, and Politico. It has been owned by the Allbritton
family since 1976.
Included in the group are the following stations and associated markets:
WJLA-TV and NewsChannel 8, Washington, D.C. (No. 8)
WCFT-TV/WJSU-TV/WBMA-LP, Birmingham-Tuscaloosa-Anniston, Ala. (No. 42)
WHTM-TV, Harrisburg, Pa. (No. 43) KATV, Little Rock, Ark. (No. 56) KTUL, Tulsa,
Okla. (No. 59) WSET-TV, Lynchburg, Va. (No. 68) WCIV, Charleston, S.C. (No. 98) (held
in an affiliated company).