Economy scuttles sale of Miami TV station
NBC O&O's sale was estimated at $350 mil-$400 milNEW YORK -- Post-Newsweek Stations, a division of the Washington Post Co., will not be acquiring WTVJ-TV, the owned-and-operated NBC station in Miami.
The two companies announced that the intended sale would not move forward because of "the current economic environment and the delay in receiving the necessary regulatory approval."
The sale of the station, for an estimated $350 million-$400 million, was originally announced in July. The deal, set to close by the end of the year, would have given Post-Newsweek, which owns WPLG, the ABC affiliate in Miami, a duopoly in the 16th-largest market.
The FCC was slow to give the green light to a deal that would allow one group to own two major network affiliates, even though the NBC station was ranked No. 6.