P-N Announces Purchase of WTVJ Miami

The Washington Post Co. announced today that it has reached an agreement with NBC Universal to acquire WTVJ Miami. Terms of the deal were not disclosed, but previous reports said the sale could bring $350 million to $400 million.

Post-Newsweek Stations, a Washington Post Co. subsidiary, will continue to operate WTVJ as an NBC affiliate. The purchase is expected to be completed by the end of 2008.

The acquisition is subject to approval by the FCC.

Post-Newsweek Stations also owns and operates WPLG, the ABC affiliate in Miami.

Post-Newsweek could operate both stations because FCC rules allow a duopoly in a market this size if one of the two stations isn't in the top four in local audience share. WPLG ranks No. 1 in the market, while WTVJ is No. 6.

Alan Frank, president and chief executive officer of Post-Newsweek Stations, said, "We are pleased to be able to reach an agreement to purchase such a historic station as WTVJ, the first TV station to broadcast in Florida. We look forward to both WPLG and WTVJ continuing to serve the South Florida community."

"Post-Newsweek has been a strong affiliate partner of ours for many years," added John Wallace, president of NBC Local Media. "They are seasoned broadcasters, who have a solid reputation in the industry. We look forward to working with Post-Newsweek as an affiliate owner for many years to come."

Post-Newsweek Stations owns and operates six television stations: WDIV, the NBC affiliate in Detroit; KPRC, the NBC affiliate in Houston; WPLG, the ABC affiliate in Miami; WKMG the CBS affiliate in Orlando; KSAT the ABC affiliate in San Antonio; and WJXT, an independent in Jacksonville. Post-Newsweek Stations also has ownership interests in LATV Networks and Internet Broadcasting.