Chronicle sells for $140 mil
Chronicle Broadcasting has sold its two remaining broadcast stations to Rockford, Ill.-based Benedek Broadcasting.Benedek will acquire NBC affil WOWT-TV, Omaha, Neb., and ABC affil KAKE-TV, Wichita, Kan., in the transaction. Terms of the deal were not disclosed, although reports put the sale price at around $140 million. Benedek owns 23 network affiliates in small- to medium-sized markets across the country. WOWT and KAKE become two of Benedek’s largest properties. The move comes just two days after Chronicle announced it had sold the crown jewel of its broadcasting stable, San Francisco NBC affil KRON-TV, to Young Broadcasting for $832 million. The WOWT and KAKE purchase completes the sell-off of Chronicle Publishing’s assets. The company hired investment firm Donaldson, Lufkin & Jenrette earlier this year to explore sale options. Chronicle was founded in 1865 by brothers Michael and Charles de Young with the launch of the San Francisco Chronicle. Earlier this year, the newspaper was purchased for about $660 million by Hearst Corp., which then put its San Francisco Examiner up for sale.