×

Savoy partners to buy Fox affils

In its continuing bid to become an entertainment industry power, Savoy Pictures Entertainment Inc. has set up a company with Fox Television Stations Inc. to buy affiliates of Fox Broadcasting Co.

The move is two-year-old Savoy’s first into television, and still another sign that chairman/CEO Victor A. Kaufman and prexy and chief operating officer Lewis J. Korman want to build a business that looks like their previous stomping ground, TriStar.

“We’ve always wanted to build a diversified entertainment business,” Korman said. “We did that at TriStar.”

With the Fox O&O subsid, Savoy created SF Broadcasting LLC to buy U.S. TV stations, which the company expects will be predominantly Fox affiliates. Thomas Herwitz, who ankled his job as veepee and G.M. of the weblet’s Washington, D.C., affil WTTG in December, was named prexy/CEO of SF Broadcasting.

“We really believe in the Fox network,” Korman said. “They have the same entrepreneurial spirit that we do.”

The company starts with $ 100 million in equity, 41% of which came from Savoy , 58% from Fox and the remaining 1% from a new corporation owned by Kaufman and Korman. That corporation also owns all of the voting interest in SF Broadcasting.

That relationship will shield Fox from Federal Communications Commission ownership limits, which bar companies from controlling more than 12 stations or 25% of the country. The Fox O&O group is comprised of eight stations covering 19 .42% of the U.S. Because Fox will not have a direct management role in SF Broadcasting, the new company’s station acquisitions will have no bearing on the FCC rules.

A Fox spokesman expressed confidence in the management group that will operate the stations. While the company has not lined up any acquisitions, it’s considering its options. “We certainly are actively involved in that process right now,” Herwitz said. “But we have not signed any deals yet.”

For Savoy, the stations clearly will give it another venue for its films. But beyond that, Savoy hopes to use the stations as a way to tap into the entertainment business in markets around the country. Korman said the company would consider investing in entertainment opportunities from movie theaters to sports teams.

“You can try to get into other entertainment business in the markets of those local stations,” Korman said.

More TV

  • Writers vs Agents Packaging War WGA

    Writers Guild Leaders Warn Members About Contact With Fired Agents

    Leaders of the Writers Guild of America are warning members about being contacted by their former agents — asserting that such efforts are an attempt to undermine the WGA and its members. The missive, sent Tuesday from the WGA negotiating committee, came with the guild in a bitter three-month standoff with talent agents that appears [...]

  • Mike Fleiss

    ‘The Bachelor’ Creator Mike Fleiss Accused of Attacking Wife

    “The Bachelor” and “The Bachelorette” creator Mike Fleiss has been accused of attacking his wife Laura Fleiss at their home in Hawaii on July 4, according to documents obtained by Variety. The documents show that Laura Fleiss, who is currently pregnant, filed for an emergency domestic violence restraining order against her husband after he allegedly [...]

  • James Cordon Drag Race Handmaids Tale

    Emmys Trivia: 20 Surprising Facts From 2019's Nominations

    For a show that technically wasn’t eligible at the Emmy Awards in 2019, “The Handmaid’s Tale” did quite well this year. The Hulu drama picked up 11 nominations, including major ones like outstanding directing, writing, guest actress and guest actor, thanks to a quirk in the TV Academy’s Emmy rules. As previously noted, most of [...]

  • 'Schitt's Creek' Emmy Nominations Give Boost

    'Schitt's Creek' Emmy Nominations Give Boost to Pop's Profile

    The core executive team at Pop TV expected to be disappointed, but they still gathered at the CBS-owned cable channel’s Playa Vista offices early Tuesday morning for the reveal of this year’s Primetime Emmy Awards nominations. They were not disappointed. “Schitt’s Creek,” the quirky comedy series that has punched above its weight for Pop since [...]

  • Beyonce-HOMECOMING-Netflix

    Beyoncé, Sara Bareilles Vie for First Emmys as Ramin Djawadi Looks to Reclaim Throne

    Beyoncé and Sara Bareilles could add Emmy trophies to their awards shelves this year, having been nominated in key music categories Tuesday by the Television Academy. Beyoncé’s “Homecoming” special on Netflix was nominated in six categories, and four of those include a nod for the pop superstar herself. Only one of those is in a [...]

  • Disney Content Sales President Janice Marinelli

    Disney Content Sales President Janice Marinelli to Depart

    Janice Marinelli, president of global sales and marketing at Walt Disney’s direct-to-consumer and international segment, said Tuesday that she would step down from her role after a 34-year career at the company. “It has been an honor to work for this company and a privilege to work with so many outstanding professionals,” said Marinelli in [...]

  • Dusty Slay

    Late-Night Bookers Take to the Internet in Search of Emerging Comics

    With Netflix releasing a comedy special every week and YouTube offering a portal into both cutting-edge performance and the best comedy sets in history, it’s never been easier for audiences to access an endless stream of standup. But for fledgling comics, there’s still no more game-changing showcase than a five-minute slot on a late-night talk [...]

More From Our Brands

Access exclusive content