WGHP-TV/Fox 8, Furniture Today will have new owners

Jul. 01, 2013 @ 02:23 PM

UPDATED 2:25 P.M.

WGHP-TV Fox 8 and Furniture Today, the primary home furnishings trade magazine, will be under new owners in separate sales announced Monday.
Fox 8 will be part of a sale in which the Tribune Co. will buy television stations controlled by Local TV Holdings, which now owns WGHP.
The Tribune Co. will buy all of Local TV Holding’s 19 television stations in 16 markets for $2.7 billion in cash. When the sale is closed later this year, Tribune Co. will become one of the nation’s largest commercial TV station owners, with 42 stations from New York to Los Angeles and Miami to Seattle, the companies announced.
WGHP-TV General Manager Jim Clayton said Fox 8 wasn’t commenting on the sale as of Monday. Fox 8, which is based in High Point, last was sold in a deal five years ago.
“Tribune is extremely excited to be acquiring the 19 stations owned by Local TV, but it is really too early to address what might or might not change — the transaction won’t even close until the end of the year,” said Gary Weitman, senior vice president of corporate relations with Tribune Co.
Meanwhile, in a separate deal Monday, Sandow announced the sale of the Furniture Today Media Group to FT Media Holdings, a newly formed private company making acquisitions and investments in the business media and technology industries. Financial terms weren’t disclosed.
The sale also includes Casual Living, Gifts and Decorative Accessories, Home Accents Today, Home Textiles Today, Kids Today and Playthings, indicates Sandow, which purchased Furniture Today Media Group three years ago.
Furniture Today will continue to operate from offices in Greensboro and New York. However, the name of the business entity will change to Progressive Business Media.
Kevin Castellani, who has overseen Furniture Today Media Group since 1993, will remain with the new company as president of Progressive Business Media and publisher of Furniture Today.
“During a tough period for the home furnishings industry, we were able to defy the odds and grow our business exponentially, which speaks to the power of our brand in this field,” Castellani said.

pjohnson@hpe.com | 888-3528

 

Separate sales were announced Monday of WGHP-TV Fox 8 and the home furnishings trade publication Furniture Today. Here are the players in the deals:
Tribune Co. will buy WGHP-TV and 18 other TV stations nationwide from Local TV Holdings. Tribune Co.’s holdings include the Los Angeles Times, Chicago Tribune, Baltimore Sun and WGN America on national cable. Local TV Holdings is principally owned by Oak Hill Capital Partners, a private equity firm with more than $8 billion of initial capital commitments.
Sandow will sell Furniture Today and other publications to FT Media Holdings. Sandow is involved in digital and print media, licensing, consulting, e-commerce and retail, business information and marketing services. FT Media Holdings is a newly formed private company making acquisitions and investments in the business media and technology industries.

 

 

WGHP-TV Fox 8 and Furniture Today, the primary home furnishings trade magazine, will be under new owners.

Fox 8 will be part of a sale announced Monday morning in which the Tribune Co. and Local TV Holdings, which now owns WGHP, will allow Tribune to acquire all of Local TV's 19 television stations in 16 key markets for $2.725 billion in cash.  Upon closing the sale later this year, the acquisition will immediately transform Tribune into the country's largest commercial TV station owner, with a total of 42 stations from New York to Los Angeles and Miami to Seattle, the companies announced.

Meanwhile on Monday morning as well, SANDOW announced the sale of the Furniture Today Media Group to FT Media Holdings,  a newly formed private company making acquisitions and investments in the business media and technology industries. Financial terms were not disclosed.

FT Media Holdings isa newly formed private company making acquisitions and investments in the business media and technology industries.

Further details will be reported later today and in Tuesday's edition of The High Point Enterprise.