COWLES BUYING CALIFORNIA TV STATIONS

Providence Equity has agreed to spin off four more of the TV stations that it is buying from Clear Channel Communications.

In the latest deal, the private equity firm is selling KCOY Santa Barbara-Santa Maria-San Luis Obispo, Calif. (CBS affiliate, DMA 122) and KION Monterey-Salinas, Calif. (CBS affiliate, DMA 124) to Cowles California Media for $41 million.

The deal also includes low-power stations in each of the markets—KKFX-CA a Fox affiliate in San Luis Obispo, and KMUV-LP, a Spanish-language station in Monterey.

It is the second such deal Providence Equity has cut while waiting for the FCC to approve its $1.2 billion purchase of Clear Channel TV, the TV station division of Clear Channel Communication.

In the earlier deal, it agreed to sell two Clear Channel stations—KFTY San Francisco (DMA 5) and KVOS Seattle-Tacoma, Wash. (DMA 14)—to the LK Station Group for $26.6 million.

LK is principally owned by Barbara Laurence, who has also interests in several others stations, including KTRG San Antonio, Texas; KMCC Las Vegas; KBEH Santa Barbara; Calif.; and KMOH Phoenix.

Both deals are contingent on FCC approval and on Providence Equity completing the purchase of Clear Channel TV.

To acquire and operate Clear Channel TV, Providence has formed Newport Television and hired Sandy DiPasquale to run it.

Kalil & Co. represented Providence in the transaction; CobbCorp, the buyer.