NEW YORK — Sullivan Broadcasting Co. CEO Dan Sullivan and his backer, investment fund Abry Partners Inc., have formed a new $400 million company to buy TV stations in small and medium markets, it said Thursday.
And the new company, Quorum Broadcasting Co., has already agreed to buy Petracom Holdings, the owner of five TV stations in the Midwest and South.
Four of Petracom’s five stations are Fox affiliates, while nine of Sullivan’s 13 TV stations are also Fox affiliates.
Sullivan and Abry said Quorum would have $400 million to spend on acquisitions. Neither Abry nor Sullivan returned phone calls.
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