New Vision Television is sponsored by HBK Capital Management. The company owns 17 television stations in 9 markets, inclusive of affiliation broadcast on the digital spectrum.
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History
Formed in 1993 in Atlanta, GA, New Vision Television began its ownership in local affiliated television by acquiring the assets of News Press Gazette in December of 1993 for $110 million. The deal included television stations in Jackson, MS (WJTV-CBS), Hattiesburg, MS (WHLT-CBS) Wilmington, NC (WECT-NBC), Savannah, GA (WSAV-NBC), Sioux Falls, SD, (KSFY-ABC), Tucson, AZ (KOLD-CBS). New Vision Television One sold its assets to Bert Ellis and Ellis Communications in 1995 for $230 million. By purchasing New Vision Television, Ellis received eight TV stations affiliated with the Big Three networks, including KOLD-TV, Tucson, AZ, WECT-TV, Wilmington, NC, and WSAV-TV, Savannah. New Vision Television CEO Jason Elkin and John Heinen COO, started a new company, New Vision Television II, that capitalized with $200 million and owned a maximum of four network affiliates. Elkin originally bought the eight stations that he sold to Ellis for $110 million in 1993. In New Vision Television Two they owned four television stations: KSBY in Santa Barbara, California; KVII-TV in Amarillo, Texas; WISE-TV in Fort Wayne, Indiana; and KDLH in Duluth, Minnesota.
In 2005, they sold all of their stations at the time to Evening Post Publishing Company, Barrington Broadcasting, and Granite Broadcasting Group.
On July 13, 2009, New Vision Television filed for chapter 11 bankruptcy[1].
New acquisitions
Since the company divested of its previous television stations (New Vision II), New Vision III has acquired 17 new stations in nine markets.
On August 1, 2006, New Vision announced an agreement to acquire CBS affiliates WIAT in Birmingham, Alabama and KIMT in Mason City, Iowa from Media General for $35 million. The acquisition was finalized on October 12 of that year.[2][3] On November 15, New Vision announced an agreement to acquire CBS affiliate WKBN-TV and sister FOX affiliate WYFX-LP in Youngstown, Ohio for undisclosed terms, and signed a shared services agreement to operate Youngstown ABC affiliate WYTV from owner Parkin Broadcasting. In September 2007, New Vision acquired Savannah, Georgia ABC affiliate WJCL-TV from Piedmont Television. In November 2007, New Vision acquired from Montecito Broadcasting all of that Company's assets including KOIN-TV in Portland, OR a CBS affiliate, KHON-TV, in Honolulu, HI, a FOX affiliate and in the same transaction the assets of KSN-TV an NBC affiliate in Wichita, KS and all of its satellite operations in the state, along with KSNT-TV an NBC affiliate in Topeka, KS in a related stock transaction. In 2008, New Vision added the assets of KTMJ in Topeka (co-managed with the NBC affiliate) and KBNZ in Bend, OR a CBS affiliate. The executives of New Vision Television include Jason Elkin, Chairman, CEO; John A. Heinen, President, COO; Steve Spendlove, EVP and Eric Simontis, CFO. The Company has its principal offices in Los Angeles, CA and Atlanta, GA.
On July 7, 2008, New Vision announced it will buy the FOX affiliate in Topeka, KTMJ-CA and its repeaters, thus creating a duopoly with KSNT, as well as converting KOIN translator KBNZ-LD in Bend, Oregon into a local CBS affiliate.[4]
References
- ^ New Vision Television (2009-07-13). "New Vision Television reaches agreement with its first and second lien debt holders; company's financial restructuring moving forward" (PDF). Press release. http://www.newvisiontv.com/press/NewVision-PressRelease-061309.pdf. Retrieved 2009-07-16.
- ^ Media General Press Releases
- ^ Media General Completes Sale of WIAT-TV in Birmingham, Ala., and KIMT-TV in Mason City, Iowa, to New Vision Television
- ^ Bend, Ore., CBS Affil to Launch - TVWeek - News
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