Newport Television

Newport Television, LLC was a United States television-station holding company formed in 2007 by Providence Equity Partners and Sandy DiPasquale. Its principal purpose was to acquire a large portfolio of broadcast television stations from Clear Channel Communications as Clear Channel divested its television assets. Newport therefore operated primarily as an ownership and management platform rather than as a consumer-facing television network with a single national programming schedule. The acquisition required Federal Communications Commission review and a series of divestitures because of ownership rules and the involvement of other Providence Equity Partners-related media interests. Newport agreed to sell several stations before or around the completion of its wider Clear Channel transaction. A proposed 2007 sale of KFTY and KVOS-TV to LK Station Group was intended to close in 2008, but it collapsed when the buyer's lender did not provide financing. Other stations, including KION-TV, KMUV-LP, K44DN, KKFX-CA, and KCOY-TV, were agreed for sale to Cowles Publishing Company for $41 million. The broader acquisition and related divestitures ultimately closed on March 14, 2008, with some properties placed into trust arrangements as part of the regulatory process. Newport's holdings included local broadcast stations across multiple United States markets. Its portfolio included affiliates and independent stations serving communities in California, New York, Arkansas, Oklahoma, Florida, and other states. The company also operated digital-media and content-management activities under the Inergize Digital name. In addition, Newport operated the Variety Television Network, also known as VTV or the Variety Channel, a digital multicast service carried on several of its digital television stations. The service ended in early January 2009. By March 2012, Providence Equity Partners was examining strategic alternatives for Newport, including a possible sale of the group. In July 2012, a broad break-up of the portfolio was announced. Nexstar Broadcasting Group agreed to acquire twelve stations and Newport's Inergize Digital operations; Sinclair Broadcast Group agreed to acquire six stations; and Cox Media Group agreed to acquire four. WXXA-TV in Albany, New York, was separately arranged for sale to Shield Media, with related joint-sales and shared-services arrangements involving Young Broadcasting's WTEN. Additional transactions were later arranged for KGET-TV, KGPE, and KMTR, while other stations were transferred through combinations involving Mission Broadcasting, Deerfield Media, Roberts Media, and other entities. Regulatory approvals and closings extended into 2013. Most of the stations covered by the principal 2012 transactions changed hands on December 3, 2012. The FCC subsequently approved additional California transactions and the WHAM-TV arrangement in January 2013, followed by approval of the KMTR transaction in April. The KMTR sale closed on June 1, 2013, completing the dismantling of Newport Television as a station-holding company. The brand is consequently defunct, and its former assets are now associated with other broadcast groups and license-holding entities.

Newport Television was created in 2007 by Providence Equity Partners and Sandy DiPasquale as a vehicle for acquiring television stations being sold by Clear Channel Communications. The company was structured as a broadcast holding company, with its business centered on ownership and operation of local stations rather than on a single national channel or programming brand. The transaction required FCC scrutiny and related divestitures. Newport agreed to sell KFTY and KVOS-TV to LK Station Group in September 2007, but that deal did not close because the proposed buyer's lender refused to fund it. Newport also reached an agreement to sell KION-TV, KMUV-LP, K44DN, KKFX-CA, and KCOY-TV to Cowles Publishing Company for $41 million. The wider acquisition of Clear Channel's stations and the associated resales received conditional regulatory approval and closed on March 14, 2008. Several stations and related properties were placed into trust arrangements to address ownership restrictions. The resulting company operated stations in a range of United States television markets. Its activities also extended beyond traditional station ownership. Newport maintained CMS and digital-media operations under the Inergize Digital brand. It operated the Variety Television Network, or VTV, as a digital subchannel service on multiple stations, including stations formerly associated with Clear Channel. The Variety Television Network ceased broadcasting in early January 2009. In March 2012, Providence Equity Partners began evaluating strategic alternatives for Newport Television. The process culminated in a series of sales rather than a single transfer to one buyer. In July 2012, Nexstar Broadcasting Group agreed to acquire twelve Newport stations and the Inergize Digital business, Sinclair Broadcast Group agreed to acquire six stations, and Cox Media Group agreed to acquire four stations. WXXA-TV was separately sold to Shield Media, with arrangements linking its operations to Young Broadcasting's WTEN. The remaining portfolio was resolved through subsequent agreements. Nexstar announced purchases of KGET-TV and KGPE, while KMTR was sold through an arrangement involving Fisher Communications and Roberts Media. Some Little Rock assets were sold to Mission Broadcasting, and the non-license assets of WHAM-TV were acquired by Sinclair while its license was transferred to Deerfield Media. These structures reflected both FCC ownership rules and the use of separate operating and license-holding entities in local broadcasting. The FCC approved the Cox and Shield transactions in October 2012, approved most of the Nexstar transactions the following day, and approved the remaining Sinclair-related transactions in November. Nineteen stations from the main July transaction closed on December 3, 2012. Further approvals followed in January 2013 for the California stations and the WHAM-TV transaction. The FCC approved the final KMTR transaction on April 24, 2013, and the sale closed on June 1. That closing completed the disestablishment of Newport Television.

• 2013

  Newport Television disestablished

  [1]Newport Televisionen.wikipedia.org

  The KMTR transaction closed on June 1, completing the sale of Newport's remaining station assets and the company's break-up.

• 2012

  Strategic review and portfolio sale announced

  [1]Newport Televisionen.wikipedia.org

  Providence explored strategic alternatives, followed by agreements dividing much of the station group among Nexstar, Sinclair, and Cox.

• 2012

  Most principal station transactions close

  [1]Newport Televisionen.wikipedia.org

  Nineteen stations involved in the main July transactions were transferred on December 3.

• 2009

  Variety Television Network ends

  [1]Newport Televisionen.wikipedia.org

  Newport's digital multicast service, also called VTV or the Variety Channel, went off the air in early January.

• 2008

  Clear Channel station acquisition closes

  [1]Newport Televisionen.wikipedia.org

  The acquisition and related divestiture program received the required regulatory treatment and closed on March 14.

• 2007

  Newport Television founded

  [1]Newport Televisionen.wikipedia.org

  Providence Equity Partners and Sandy DiPasquale established Newport Television to acquire Clear Channel Communications television stations.

A private broadcast-station holding company focused on acquiring, operating, consolidating, and subsequently divesting local television stations in United States markets.

• Broadcast television · 2007

  Local television stations

  Newport's core assets were local broadcast television stations serving multiple United States markets. The portfolio included network-affiliated and independent stations, with ownership and operating arrangements shaped by FCC rules. These stations were progressively sold to other broadcast groups and license-holding companies from 2007 through 2013.

• Digital media services

  Inergize Digital

  Inergize Digital was Newport Television's content-management and digital-media operations. The business was associated with the station group and was included in the assets agreed for sale to Nexstar Broadcasting Group during Newport's 2012 break-up.

• Digital multicast television network

  Variety Television Network

  The Variety Television Network, also known as VTV or the Variety Channel, was a digital subchannel service carried by several Newport-operated stations. It provided multicast programming rather than functioning as a conventional standalone broadcast station. The service stopped broadcasting in early January 2009.

• 2013

  Final KMTR sale and company disestablishmentM&A

  Background

  KMTR was the final Newport station awaiting regulatory approval after the earlier portfolio transactions.

  Action taken

  The FCC approved the transaction on April 24, and the sale to Roberts Media was completed on June 1.

  Aftermath

  The closing completed the dismantling of Newport Television.

  Source

• 2012

  Strategic review of Newport TelevisionStrategy

  Background

  Providence Equity Partners began reviewing strategic alternatives for the station group, including a possible sale.

  Action taken

  Newport pursued a portfolio-wide divestiture process involving multiple broadcast companies and license-holding entities.

  Aftermath

  The process led to the company's disestablishment after its stations and digital operations were sold.

  Source

• 2012

  Break-up sale to Nexstar, Sinclair, and CoxM&A

  Background

  Newport decided to divide its station portfolio rather than sell the entire company to one buyer.

  Action taken

  Nexstar agreed to acquire twelve stations and Inergize Digital, Sinclair agreed to acquire six stations, and Cox agreed to acquire four stations.

  Aftermath

  Additional stations were sold through separate transactions, and most of the principal deals closed in December 2012 after FCC review.

  Source

• 2007

  Proposed sale of KFTY and KVOS-TV to LK Station GroupM&A

  Background

  Newport sought to sell two stations shortly after agreeing to acquire Clear Channel's television assets.

  Action taken

  Newport agreed to a transaction valued at $26.6 million, but the buyer's lender did not provide the necessary financing.

  Aftermath

  The transaction collapsed, and both stations were subsequently sold to other companies.

  Proposed transaction value. $26.6 million (2007 proposed sale)

  Source

• 2007

  Sale of five stations to Cowles Publishing CompanyM&A

  Background

  Newport's acquisition program required station divestitures and other ownership adjustments.

  Action taken

  Newport agreed to sell KION-TV, KMUV-LP, K44DN, KKFX-CA, and KCOY-TV to Cowles Publishing Company.

  Aftermath

  The divestiture was part of the regulatory process surrounding Newport's broader Clear Channel station acquisition.

  Transaction value. $41 million (2007 agreement)

  Source

1. 1Newport Televisionen.wikipedia.org