Economy scuttles sale of Miami TV station
EmptyPost-Newsweek Stations, a division of the Washington Post Co., will not be acquiring WTVJ-TV, the owned-and-operated NBC station in Miami.
The companies said the intended sale will 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, originally was announced in July. The deal, set to close by year's end, would have given Post-Newsweek, which owns WPLG, the ABC affiliate in Miami, a duopoly in the nation's 16th-largest market.
The FCC was slow to give the green light to a deal that would have allowed one group to own two major network affiliates, even though the NBC station was ranked No. 6 in the market.
Katy Bachman is senior editor of Mediaweek.