Raycom Media has struck a deal to acquire TV station owner Malrite Communications, which owns network affiliates in Cleveland; Cincinnati; Toledo, Ohio; and West Palm Beach, Fla.
Financial terms of the purchase, still subject to regulatory approval, were not disclosed. Based on the recent selling prices of comparably sized station groups, the privately held Malrite group probably fetched at least $500 million to $600 million.
In acquiring Malrite, Raycom picks up two stations in Puerto Rico (WLII San Juan and WSUR Ponce) in addition to CBS affil WOIO Cleveland; Fox affil WXIX Cincinnati; NBC affil WNWO Toledo; and Fox’s WFLX West Palm Beach. Cleveland-based Malrite also has a local marketing agreement with UPN affil WUAB Cleveland.